Illinois HB 3500: ABLE ACCOUNT PROGRAM INFO

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HB3500 EnrolledLRB104 10352 KTG 20426 b

1 AN ACT concerning children.

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

3represented in the General Assembly:

4 Section 1. The Statute on Statutes is amended by adding 

5Section 1.46 as follows:

6 (5 ILCS 70/1.46 new)

7 Sec. 1.46. References to the ABLE account. Except where 

8the context indicates otherwise, a reference in any Act to the 

9Achieving a Better Life Experience (ABLE) account program or a 

10similar reference shall be considered to be a reference to the 

11Illinois Achieving a Better Life Experience (ABLE) account 

12program.

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

14Sections 16.5 and 16.6 as follows:

15 (15 ILCS 505/16.5)

16 Sec. 16.5. College Savings Pool. 

17 (a) Definitions. As used in this Section:

18 "Account owner" means any person or entity who has opened 

19an account or to whom ownership of an account has been 

20transferred, as allowed by the Internal Revenue Code, and who 

21has authority to withdraw funds, direct withdrawal of funds, 

HB3500 Enrolled- 2 -LRB104 10352 KTG 20426 b

1change the designated beneficiary, or otherwise exercise 

2control over an account in the College Savings Pool.

3 "Donor" means any person or entity who makes contributions 

4to an account in the College Savings Pool.

5 "Designated beneficiary" means any individual designated 

6as the beneficiary of an account in the College Savings Pool by 

7an account owner. A designated beneficiary must have a valid 

8social security number or taxpayer identification number