SB 1387

Abstract

Amends the State Treasurer Act. Modifies and reorganizes provisions concerning the ABLE account program. Provides that a designated representative under the program includes, among other persons, the account owner's guardian of the person or any other State-appointed guardian. Provides that the State Treasurer may enter into agreements with other states to either allow Illinois residents to participate in a plan operated by another state or to allow residents of other states to participate in the Illinois ABLE plan. Modifies terms under the Act. Amends the Probate Act of 1975. Modifies provisions concerning duties of a guardian of a minor, duties of a personal guardian, and duties of an estate guardian to allow a specified guardian to, without an order of court, open, maintain, and transfer funds to an ABLE account on behalf of the ward and the ward's dependent children as specified under the ABLE account program. Makes conforming and other changes. Effective immediately.