SB 1161
Modifies provisions relating to savings accounts for education expenses
LR Number:
Last Action:
3/10/2022 - Second Read and Referred S Insurance and Banking Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2022

Current Bill Summary

SB 1161 - This act establishes the "Show Me Child Development Account Act". Upon receiving a certification of live birth in the state after January 1, 2023, the Department of Health and Senior Services shall transmit information set forth in the act to the State Treasurer to be used to determine whether a child qualifies for a scholarship grant.

If the State Treasurer determines that a child is qualified, the State Treasurer shall notify the child's parent or legal guardian, and shall provide an explanation of the program, as well as the opportunity to exclude his or her child from the program. Any child not excluded by his or her parent or guardian shall be deemed to be enrolled in the program.

The act establishes the "Missouri Children's Development Account Program Fund". Money in the fund shall be used to provide scholarship grants. The State Treasurer shall deduct the costs incurred in administering this act from the fund, but such costs shall not exceed 0.35% of the total average daily fund balance of funds within the State Treasury.

The State Treasurer is to receive contributions from any person or legal entity on behalf of, and make grants to, eligible children to pay for qualified higher education expenses. The Treasurer shall establish a separate savings account for each qualified child under this act and shall deposit scholarship grants, contributions, and interest earnings as specified. Any amount in such a savings account that is not expended for qualified higher education expenses by the qualified beneficiary's thirtieth birthday will revert back to the program fund.

This act further modifies intersectional references in the Missouri Education Program.

This act is similar to HB 2915 (2022), provisions in SB 28 (2021), and provisions in HS/HB 297 (2021).



No Amendments Found.