HB 2125 Modifies provisions of law relating to savings programs
Sponsor: Schmitt
LR Number: 5663S.02T Fiscal Notes
Committee: Financial and Governmental Organizations and Elections
Last Action: 6/13/2016 - Signed by Governor Journal Page: S3720
Title: SCS HB 2125 Calendar Position:
Effective Date: August 28, 2016
House Handler: Fitzwater

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Current Bill Summary


SCS/HB 2125 - This act modifies provisions relating to savings programs.

ABLE ACT (SECTIONS 209.600, 209.605, 209.610, AND 209.630)

This act provides that the assets of the ABLE program shall at all times be preserved, invested, expended, and distributed only for the purposes set forth in current law as well as Section 529A of the Internal Revenue Code. Current law provides that no property rights in ABLE assets shall exist in favor of the state. This act removes that provision.

This provision is identical to SCS/SB 1074 (2016) and HB 2807 (2016).

SAVINGS PROMOTION PROGRAMS (SECTIONS 408.800 TO 408.830)

The act further permits eligible financial institutions are permitted to offer and conduct savings promotion programs. A savings promotion program is a contest offered by an eligible financial institution that offers participants chances to win prizes if they make a minimum deposit into an eligible account.

This provision is identical to a provision in CCS/HCS/SB 833 (2016).

SCOTT SVAGERA