SB3786: STATE TREASURER-ABLE ACCOUNTS

Legislative Summary

Amends the State Treasurer Act. In provisions concerning the ABLE account program, provides that a "designated representative" means a person or entity (currently, person only) who is authorized to act on behalf of a "designated beneficiary". Provides that a designated representative must provide certification, subject to penalties of perjury, of the basis for the person's authority to act as a designated representative and that there is no other person or entity with higher priority to establish the ABLE account. Removes provisions allowing the State Treasurer to recognize specified persons or entities as a designated representative without appointment by a court. Defines "Internal Revenue Code". Effective immediately.