Stricken language would be deleted from and underlined language would be added to present law.
Act 615 of the Regular Session
*CRH018* 03/11/2025 8:43:45 AM CRH018
State of Arkansas 1
95th General Assembly A Bill 2
Regular Session, 2025 SENATE BILL 422 3
4
By: Senator C. Tucker 5
By: Representative K. Brown 6
7
For An Act To Be Entitled 8
AN ACT TO AMEND THE LAW CONCERNING THE ARKANSAS 9
BRIGHTER FUTURE FUND PLAN ACT; TO ALLOW NONPROFIT 10
ORGANIZATIONS TO CONTRIBUTE TO A NEW OR EXISTING 11
ARKANSAS BRIGHTER FUTURE FUND PLAN ACCOUNT; TO 12
REQUIRE THE TREASURER OF STATE TO FACILITATE 13
CONTRIBUTIONS BY A NONPROFIT ORGANIZATION; AND FOR 14
OTHER PURPOSES. 15
16
17
Subtitle 18
TO ALLOW NONPROFIT ORGANIZATIONS TO 19
CONTRIBUTE TO A NEW OR EXISTING ARKANSAS 20
BRIGHTER FUTURE FUND PLAN ACCOUNT; AND 21
TO REQUIRE THE TREASURER OF STATE TO 22
FACILITATE CONTRIBUTIONS BY A NONPROFIT 23
ORGANIZATION. 24
25
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 26
27
SECTION 1. Arkansas Code § 6 -84-103(2), concerning the definition of 28
"account owner" under the Arkansas Brighter Future Fund Plan, is amended to 29
read as follows: 30
(2) “Account owner” means the person who or nonprofit that, under this 31
chapter or the rules promulgated by the Section 529 Plan Review Committee, is 32
entitled to select or change the designated beneficiary of an account, to 33
designate any person other than the designated beneficiary to whom funds may 34
be paid from the account, or to receive distributions from the account if no 35
other person is designated; 36 SB422
2 03/11/2025 8:43:45 AM CRH018
1
SECTION 2. Arkansas Code § 6 -84-103(7), concerning the definition of 2
"contributor" under the Arkansas Brighter Future Fund Plan, is amended to 3
read as follows: 4
(7) “Contributor” means any person making a contribution to an 5
account or a nonprofit organization making a contribution under § 6 -84-6
107(a)(1); 7
8
SECTION 3. Arkansas Code § 6 -84-103, concerning the definitions used 9
in the Arkansas Brighter Future Fund Plan Act, is amended to add an 10
additional subdivision to read as follows: 11
(18) "Nonprofit organization" means a charitable organization 12
exempt from taxation under 26 U.S.C. § 501(c)(3). 13
14
SECTION 4. Arkansas Code § 6 -84-107(a)(1), concerning the 15
establishment of an Arkansas Brighter Future Fund Plan Account, is amended to 16
read as follows: 17
(a)(1)(A) An account owner or contributor may establish an account by 18
making an initial contribution to the Arkansas Brighter Future Fund Plan, 19
signing an application form approved by the Section 529 Plan Review Committee 20
and naming the account owner and the designated beneficiary. 21
(B)(i)(a) A contributor that is a nonprofit organization 22
may establish an account for a designated beneficiary or an identifiable 23
group of beneficiaries. 24
(b) A nonprofit organization establishing an 25
account for a designated beneficiary under subdivision (a)(1)(B)(i)(a) of 26
this section shall present the parent or guardian of the designated 27
beneficiary an option to voluntarily decline the account and any 28
contribution. 29
(ii) The Treasurer of State shall establish a system 30
or procedure to: 31
(a) Obtain the personally -identifiable 32
information necessary to establish an account under this chapter, including 33
without limitation the Social Security number and date of birth of each 34
designated beneficiary or account owner necessary for the establishment of an 35
account; and 36 SB422
3 03/11/2025 8:43:45 AM CRH018
(b) Protect the confidentiality of both the 1
personally-identifiable information and applicable account details. 2
3
4
APPROVED: 4/14/25 5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36