| 3 | 2 | | *CRH018* 03/11/2025 8:43:45 AM CRH018 |
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| 4 | 3 | | State of Arkansas 1 |
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| 5 | 4 | | 95th General Assembly A Bill 2 |
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| 6 | 5 | | Regular Session, 2025 SENATE BILL 422 3 |
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| 7 | 6 | | 4 |
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| 8 | 7 | | By: Senator C. Tucker 5 |
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| 9 | 8 | | By: Representative K. Brown 6 |
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| 10 | 9 | | 7 |
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| 11 | 10 | | For An Act To Be Entitled 8 |
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| 12 | 11 | | AN ACT TO AMEND THE LAW CONCERNING THE ARKANSAS 9 |
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| 13 | 12 | | BRIGHTER FUTURE FUND PLAN ACT; TO ALLOW NONPROFIT 10 |
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| 14 | 13 | | ORGANIZATIONS TO CONTRIBUTE TO A NEW OR EXISTING 11 |
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| 15 | 14 | | ARKANSAS BRIGHTER FUTURE FUND PLAN ACCOUNT; TO 12 |
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| 16 | 15 | | REQUIRE THE TREASURER OF STATE TO FACILITATE 13 |
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| 17 | 16 | | CONTRIBUTIONS BY A NONPROFIT ORGANIZATION; AND FOR 14 |
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| 18 | 17 | | OTHER PURPOSES. 15 |
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| 19 | 18 | | 16 |
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| 20 | 19 | | 17 |
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| 21 | 20 | | Subtitle 18 |
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| 22 | 21 | | TO ALLOW NONPROFIT ORGANIZATIONS TO 19 |
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| 23 | 22 | | CONTRIBUTE TO A NEW OR EXISTING ARKANSAS 20 |
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| 24 | 23 | | BRIGHTER FUTURE FUND PLAN ACCOUNT; AND 21 |
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| 25 | 24 | | TO REQUIRE THE TREASURER OF STATE TO 22 |
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| 26 | 25 | | FACILITATE CONTRIBUTIONS BY A NONPROFIT 23 |
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| 27 | 26 | | ORGANIZATION. 24 |
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| 28 | 27 | | 25 |
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| 29 | 28 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 26 |
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| 30 | 29 | | 27 |
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| 31 | 30 | | SECTION 1. Arkansas Code § 6 -84-103(2), concerning the definition of 28 |
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| 32 | 31 | | "account owner" under the Arkansas Brighter Future Fund Plan, is amended to 29 |
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| 33 | 32 | | read as follows: 30 |
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| 34 | 33 | | (2) “Account owner” means the person who or nonprofit that, under this 31 |
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| 35 | 34 | | chapter or the rules promulgated by the Section 529 Plan Review Committee, is 32 |
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| 36 | 35 | | entitled to select or change the designated beneficiary of an account, to 33 |
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| 37 | 36 | | designate any person other than the designated beneficiary to whom funds may 34 |
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| 38 | 37 | | be paid from the account, or to receive distributions from the account if no 35 |
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| 39 | 38 | | other person is designated; 36 SB422 |
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| 40 | 39 | | |
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| 42 | 41 | | 1 |
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| 43 | 42 | | SECTION 2. Arkansas Code § 6 -84-103(7), concerning the definition of 2 |
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| 44 | 43 | | "contributor" under the Arkansas Brighter Future Fund Plan, is amended to 3 |
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| 45 | 44 | | read as follows: 4 |
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| 46 | 45 | | (7) “Contributor” means any person making a contribution to an 5 |
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| 47 | 46 | | account or a nonprofit organization making a contribution under § 6 -84-6 |
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| 48 | 47 | | 107(a)(1); 7 |
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| 49 | 48 | | 8 |
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| 50 | 49 | | SECTION 3. Arkansas Code § 6 -84-103, concerning the definitions used 9 |
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| 51 | 50 | | in the Arkansas Brighter Future Fund Plan Act, is amended to add an 10 |
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| 52 | 51 | | additional subdivision to read as follows: 11 |
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| 53 | 52 | | (18) "Nonprofit organization" means a charitable organization 12 |
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| 54 | 53 | | exempt from taxation under 26 U.S.C. § 501(c)(3). 13 |
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| 55 | 54 | | 14 |
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| 56 | 55 | | SECTION 4. Arkansas Code § 6 -84-107(a)(1), concerning the 15 |
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| 57 | 56 | | establishment of an Arkansas Brighter Future Fund Plan Account, is amended to 16 |
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| 58 | 57 | | read as follows: 17 |
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| 59 | 58 | | (a)(1)(A) An account owner or contributor may establish an account by 18 |
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| 60 | 59 | | making an initial contribution to the Arkansas Brighter Future Fund Plan, 19 |
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| 61 | 60 | | signing an application form approved by the Section 529 Plan Review Committee 20 |
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| 62 | 61 | | and naming the account owner and the designated beneficiary. 21 |
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| 63 | 62 | | (B)(i)(a) A contributor that is a nonprofit organization 22 |
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| 64 | 63 | | may establish an account for a designated beneficiary or an identifiable 23 |
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| 65 | 64 | | group of beneficiaries. 24 |
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| 66 | 65 | | (b) A nonprofit organization establishing an 25 |
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| 67 | 66 | | account for a designated beneficiary under subdivision (a)(1)(B)(i)(a) of 26 |
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| 68 | 67 | | this section shall present the parent or guardian of the designated 27 |
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| 69 | 68 | | beneficiary an option to voluntarily decline the account and any 28 |
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| 70 | 69 | | contribution. 29 |
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| 71 | 70 | | (ii) The Treasurer of State shall establish a system 30 |
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| 72 | 71 | | or procedure to: 31 |
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| 73 | 72 | | (a) Obtain the personally -identifiable 32 |
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| 74 | 73 | | information necessary to establish an account under this chapter, including 33 |
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| 75 | 74 | | without limitation the Social Security number and date of birth of each 34 |
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| 76 | 75 | | designated beneficiary or account owner necessary for the establishment of an 35 |
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| 77 | 76 | | account; and 36 SB422 |
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| 80 | 79 | | (b) Protect the confidentiality of both the 1 |
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| 81 | 80 | | personally-identifiable information and applicable account details. 2 |
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| 82 | 81 | | 3 |
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| 83 | 82 | | 4 |
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