HB 1662

Abstract

Creates the Illinois Children's Savings Accounts Act. Creates a task force to review and make recommendations about children's savings account program options and to create a strategic implementation plan to create a savings account at birth for every child born in Illinois to Illinois residents. Provides the appointment criteria for members of the task force. Provides that the Department of Commerce and Economic Opportunity shall be responsible for administrative and logistical support of the task force. Provides the factors the task force shall consider in its recommendations for the design of the program. Requires the task force to hold at least 4 public meetings at various locations throughout the State. Requires the task force to make a written report of its findings and recommendations, including a strategic implementation plan for an Illinois children's savings account program, to the Department of Commerce and Economic Opportunity no later than September 1, 2008. Provides that on or before November 1, 2008, the Department shall present all reports issued by the task force to the Governor and the General Assembly. Effective immediately.