SB 996

Abstract

Directs Department of Consumer and Business Services to design, implement, administer and operate savings program for post-secondary education expenses. Directs department to establish individual savings accounts for children born in Oregon to residents of this state at participating financial institutions. Provides that deposits may be made to savings account by department or by account beneficiary. Directs State Registrar of Center for Health Statistics to send to department each calendar quarter names of children born in Oregon to residents of this state. Establishes Oregon Bright Futures Fund. Continuously appropriates moneys in fund to department for purposes of savings program. Permits financial institutions to opt in to participation. Permits department to develop or acquire software for communicating with account beneficiaries and for viewing information regarding multiple financial accounts. Directs department to report to Legislative Assembly in 2020 and 2021 on implementation of Act. Exempts funds maintained by department under Act from public funds depository requirements. Becomes operative on January 1, 2018, or date on which department determines that sufficient moneys are available to carry out purposes of Act, whichever is later. Declares emergency, effective on passage.