Illinois HB 1432: CRIM CD-AGG ASSAULT&BAT-STADIA

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 Full Text of HB1432

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 HB1432 - 104th General Assembly 

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HB1432 EngrossedLRB104 07549 SPS 17593 b

1 AN ACT concerning State government.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The State Treasurer Act is amended by changing 

5Section 16.6 as follows:

6 (15 ILCS 505/16.6)

7 Sec. 16.6. ABLE account program.

8 (a) As used in this Section:

9 "ABLE account" or "account" means an account established 

10for the purpose of financing certain qualified expenses of 

11eligible individuals as specifically provided for in this 

12Section and authorized by Section 529A of the Internal Revenue 

13Code.

14 "ABLE account plan" or "plan" means the savings account 

15plan provided for in this Section.

16 "Account administrator" means the person or entity 

17selected by the State Treasurer to administer the daily 

18operations of the ABLE account plan and provide marketing, 

19recordkeeping, investment management, and other services for 

20the plan.

21 "Aggregate account balance" means the amount in an account 

22on a particular date or the fair market value of an account on 

23a particular date.

HB1432 Engrossed- 2 -LRB104 07549 SPS 17593 b

1 "Beneficiary" or "designated beneficiary" means the ABLE 

2account owner.

3 "Contracting state" means a state without a qualified ABLE 

4program which has entered into a contract with Illinois to 

5provide residents of the contracting state access to a 

6qualified ABLE program.

7 "Designated representative" means a person or entity who 

8is authorized to act on behalf of a "designated beneficiary". 

9A designated beneficiary is authorized to act on his or her own 

10behalf unless the designated beneficiary is a minor or the 

11designated benefi