AB 761

This bill creates an annual appropriation to the Department of Financial Institutions, from the college savings program trust fund, to fund higher education expenses for children who were born or adopted in this state, reside in this state, and are designated beneficiaries of a college savings account. The bill also creates an additional position in DFI to administer a program in which DFI establishes master or interim holding accounts under the college savings program and makes deposits, for higher education expenses, into accounts established for children who were born or adopted in this state, reside in this state, and are designated beneficiaries of a college savings account. The bill provides funding, from the college savings program trust fund, for this position and for the implementation and administration of the program.