Colorado 2024 Regular Session

Colorado Senate Bill SB226 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
	1	+	Second Regular Session
	2	+	Seventy-fourth General Assembly
	3	+	STATE OF COLORADO
	4	+	REREVISED
	5	+	This Version Includes All Amendments
	6	+	Adopted in the Second House
	7	+	LLS NO. 24-0532.01 Megan McCall x4215
1	8		SENATE BILL 24-226
2		-	BY SENATOR(S) Fenberg and Marchman, Bridges, Buckner, Cutter,
3		-	Exum, Jaquez Lewis, Michaelson Jenet, Priola;
4		-	also REPRESENTATIVE(S) Herod and Brown, Amabile, Bacon, Bird,
5		-	Daugherty, Duran, English, Garcia, Hamrick, Hernandez, Jodeh, Lieder,
6		-	Lindsay, Mabrey, McLachlan, Ortiz, Ricks, Sirota, Snyder, Story, Titone,
7		-	Valdez, Velasco, Weissman, Willford, McCluskie.
	9	+	Senate Committees House Committees
	10	+	Finance Finance
	11	+	Appropriations Appropriations
	12	+	A BILL FOR AN ACT
8	13		C
9		-	ONCERNING MODIFICATIONS TO THE COLLEGE KICKSTARTER ACCOUNT
10		-	PROGRAM
11		-	.
12		-
13		-	Be it enacted by the General Assembly of the State of Colorado:
14		-	SECTION 1. In Colorado Revised Statutes, 23-3.1-306.5, amend
15		-	(1)(a)(V), (1)(b) introductory portion, (2)(a), (2)(d), (3), (4)(a), (4)(b), (4)(c)
16		-	introductory portion, (4)(c)(I), (4)(c)(II), (5), (6) introductory portion,
17		-	(6)(a), (6)(b)(II), (6)(b)(IV), (6)(b)(V), (7), and (8)(c); repeal (6)(b)(III) and
18		-	(6)(b)(VI); and add (2)(a.5), (2)(a.7), (2)(b.5), (2)(c.5), (6)(b)(VII), (6)(c),
19		-	and (6)(d) as follows:
20		-	23-3.1-306.5. College kickstarter account program - funding -
21		-	administration - financial literacy course - rules - legislative declaration
22		-	- definitions. (1) (a) The general assembly hereby finds and declares that:
23		-	________
24		-	Capital letters or bold & italic numbers indicate new material added to existing law; dashes
25		-	through words or numbers indicate deletions from existing law and such material is not part of
26		-	the act. (V) Providing seed money for each child born in OR ADOPTED INTO
27		-	Colorado as an incentive to enroll in a college savings account helps make
28		-	saving for college part of the collective culture of Colorado by opening the
29		-	door for economic opportunity for all children and their families, better
30		-	positions the state as a pioneer in building family financial capability, and
31		-	promotes the development of a stronger, more qualified Colorado
32		-	workforce.
33		-	(b) The general assembly further finds and declares that establishing
34		-	the college kickstarter account program, which provides both an initial
35		-	contribution of money for every child born in
36		-	OR ADOPTED INTO Colorado
37		-	that may be claimed and transferred to a college savings account and
38		-	subsequently supplemented by parental and family
39		-	OTHER contributions and
40		-	a potential opportunity for financial literacy education free of charge:
41		-	(2) As used in this section, unless the context otherwise requires:
42		-	(a) "Eligible child" means a child born or adopted in Colorado on or
43		-	after January 1, 2020, but before January 1, 2040. "ACCOUNT SPONSOR"
44		-	MEANS, BEFORE JANUARY 1, 2025, A PARENT OR PARENTS AND ON OR AFTER
45		-	JANUARY 1, 2025, A PARENT OR PARENTS OR ANY OTHER INDIVIDUAL WHO
46		-	PROVIDES THE BIRTH CERTIFICATE NUMBER OR ORDER OF ADOPTION FOR AN
47		-	ELIGIBLE CHILD IN ACCORDANCE WITH THE REQUIREMENTS OF THIS SECTION
48		-	.
	14	+	ONCERNING MODIFICATIONS TO THE COLLEGE KICKSTARTER101
	15	+	ACCOUNT PROGRAM .102
	16	+	Bill Summary
	17	+	(Note: This summary applies to this bill as introduced and does
	18	+	not reflect any amendments that may be subsequently adopted. If this bill
	19	+	passes third reading in the house of introduction, a bill summary that
	20	+	applies to the reengrossed version of this bill will be available at
	21	+	http://leg.colorado.gov
	22	+	.)
	23	+	The bill modifies the college kickstarter account program
	24	+	(program). Under current law, an account may be opened by a parent or
	25	+	parents of an eligible child. The bill expands who may open an account
	26	+	and be an account sponsor, requiring that an account sponsor must
	27	+	provide the birth certificate number or order of adoption for an eligible
	28	+	child in accordance with the requirements of the program to open an
	29	+	HOUSE
	30	+	3rd Reading Unamended
	31	+	May 7, 2024
	32	+	HOUSE
	33	+	2nd Reading Unamended
	34	+	May 6, 2024
	35	+	SENATE
	36	+	3rd Reading Unamended
	37	+	May 3, 2024
	38	+	SENATE
	39	+	Amended 2nd Reading
	40	+	May 2, 2024
	41	+	SENATE SPONSORSHIP
	42	+	Fenberg and Marchman, Bridges, Buckner, Cutter, Exum, Jaquez Lewis, Michaelson
	43	+	Jenet, Priola
	44	+	HOUSE SPONSORSHIP
	45	+	Herod and Brown, Amabile, Bacon, Bird, Daugherty, Duran, English, Garcia, Hamrick,
	46	+	Hernandez, Jodeh, Lieder, Lindsay, Mabrey, McCluskie, McLachlan, Ortiz, Ricks, Sirota,
	47	+	Snyder, Story, Titone, Valdez, Velasco, Weissman, Willford
	48	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	49	+	Capital letters or bold & italic numbers indicate new material to be added to existing law.
	50	+	Dashes through the words or numbers indicate deletions from existing law. account. The bill also expands the membership of the advisory board,
	51	+	requires the advisory board to meet at least on a quarterly basis each year,
	52	+	and makes changes to certain reporting requirements for the program.
	53	+	Currently, a parent or parents of an eligible child must claim
	54	+	kickstarter funding within 5 years of the date of the eligible child's birth
	55	+	or adoption. The bill expands this period to 8 years for an account sponsor
	56	+	to claim kickstarter funding, and clarifies that an account is an "individual
	57	+	college savings account", which is any collegeinvest account.
	58	+	Be it enacted by the General Assembly of the State of Colorado:1
	59	+	SECTION 1. In Colorado Revised Statutes, 23-3.1-306.5, amend2
	60	+	(1)(a)(V), (1)(b) introductory portion, (2)(a), (2)(d),
	61	+	(3), (4)(a), (4)(b),3
	62	+	(4)(c) introductory portion, (4)(c)(I), (4)(c)(II), (5), (6) introductory4
	63	+	portion, (6)(a), (6)(b)(II), (6)(b)(IV), (6)(b)(V), (7), and (8)(c); repeal5
	64	+	(6)(b)(III) and (6)(b)(VI); and add (2)(a.5), (2)(a.7), (2)(b.5), (2)(c.5),6
	65	+	(6)(b)(VII), and (6)(c) as follows:7
	66	+	23-3.1-306.5. College kickstarter account program - funding8
	67	+	- administration - financial literacy course - rules - legislative9
	68	+	declaration - definitions. (1) (a) The general assembly hereby finds and10
	69	+	declares that:11
	70	+	(V) Providing seed money for each child born in
	71	+	OR ADOPTED12
	72	+	INTO Colorado as an incentive to enroll in a college savings account helps13
	73	+	make saving for college part of the collective culture of Colorado by14
	74	+	opening the door for economic opportunity for all children and their15
	75	+	families, better positions the state as a pioneer in building family financial16
	76	+	capability, and promotes the development of a stronger, more qualified17
	77	+	Colorado workforce.18
	78	+	(b) The general assembly further finds and declares that19
	79	+	establishing the college kickstarter account program, which provides both20
	80	+	an initial contribution of money for every child born in
	81	+	OR ADOPTED INTO21
	82	+	226-2- Colorado that may be claimed and transferred to a college savings1
	83	+	account and subsequently supplemented by parental and family OTHER2
	84	+	contributions and a potential opportunity for financial literacy education3
	85	+	free of charge:4
	86	+	(2) As used in this section, unless the context otherwise requires:5
	87	+	(a) "Eligible child" means a child born or adopted in Colorado on6
	88	+	or after January 1, 2020, but before January 1, 2040. "ACCOUNT7
	89	+	SPONSOR" MEANS, BEFORE JANUARY 1, 2025, A PARENT OR PARENTS AND8
	90	+	ON OR AFTER JANUARY 1, 2025, A PARENT OR PARENTS OR ANY OTHER9
	91	+	INDIVIDUAL WHO PROVIDES THE BIRTH CERTIFICATE NUMBER OR ORDER OF10
	92	+	ADOPTION FOR AN ELIGIBLE CHILD IN ACCORDANCE WITH THE11
	93	+	REQUIREMENTS OF THIS SECTION.12
49	94		(a.5) "B
50	95		ASE AMOUNT" MEANS:
	96	+	13
51	97		(I) O
52	98		NE HUNDRED DOLLARS BEFORE JANUARY 1, 2021; OR
53		-	(II) ONE HUNDRED DOLLARS, ANNUALLY ADJUSTED FOR INFLATION ,
54		-	FOR EACH YEAR BEGINNING ON OR AFTER JANUARY 1, 2021.
55		-	(a.7) "E
56		-	LIGIBLE CHILD" MEANS A CHILD BORN OR ADOPTED IN
57		-	COLORADO ON OR AFTER JANUARY 1, 2020, BUT BEFORE JANUARY 1, 2040.
	99	+	14
	100	+	(II) O
	101	+	NE HUNDRED DOLLARS , ANNUALLY ADJUSTED FOR
	102	+	15
	103	+	INFLATION, FOR EACH YEAR BEGINNING ON OR AFTER JANUARY 1, 2021.16
	104	+	(a.7) "ELIGIBLE CHILD" MEANS A CHILD BORN OR ADOPTED IN17
	105	+	C
	106	+	OLORADO ON OR AFTER JANUARY 1, 2020, BUT BEFORE JANUARY 1,18
	107	+	2040.19
58	108		(b.5) "I
59		-	NDIVIDUAL COLLEGE SAVINGS ACCOUNT " MEANS ANY
60		-	COLLEGEINVEST ACCOUNT
61		-	.
	109	+	NDIVIDUAL COLLEGE SAVINGS ACC OUNT " MEANS ANY20
	110	+	COLLEGEINVEST ACCOUNT .21
62	111		(c.5) "I
63	112		NTEREST ACCRUAL AMOUNT " MEANS THE AMOUNT OF
64		-	~~INTEREST THAT HAS ACCRUED FROM THE BASE AMOUNT IN THE YEAR THE~~
65		-	~~PAGE 2-SENATE~~ ~~BILL 24-226~~ ~~ELIGIBLE CHILD WAS BORN TO~~ THE YEAR ~~THAT THE ACCOUNT SPONSOR~~
66		-	~~CLAIMS KICKSTARTER FUNDING~~
67		-	.
68		-	(d) "Kickstarter funding" means an amount in the master ~~account~~
	113	+	22
	114	+	INTEREST THAT HAS ACCRUED FROM THE BASE AMOUNT IN THE YEAR THE23
	115	+	ELIGIBLE CHILD WAS BORN TO THE YEAR THAT THE ACCOUNT SPONSOR24
	116	+	CLAIMS KICKSTARTER FUNDING .25
	117	+	(d) "Kickstarter funding" means an amount in the master account26
69	118		designated for each eligible child by the authority
70	119		THAT IS EQUAL TO THE
71		-	BASE AMOUNT IN THE CLAIM YEAR PLUS
72		-	, IF APPLICABLE, THE INTEREST
73		-	ACCRUAL AMOUNT
74		-	, which the parent or parents of
75		-	AN ACCOUNT SPONSOR
76		-	FOR
77		-	the eligible child can claim on behalf of the eligible child, LIMITED TO
78		-	ONE CLAIM PER BIRTH CERTIFICATE NUMBER OR ORDER OF ADOPTION PER
79		-	CHILD
80		-	, AS APPLICABLE, by opening an INDIVIDUAL COLLEGE SAVINGS
81		-	account for the eligible child. as follows:
82		-	(I) One hundred dollars for each eligible child born before January
83		-	1, 2021; or
84		-	(II) One hundred dollars, annually adjusted for inflation for each
85		-	year beginning on or after January 1, 2021, for each eligible child born on
86		-	or after January 1, 2021.
87		-	(3) (a) Except as otherwise provided in subsection (5) of this
88		-	section, the authority shall oversee and administer the college kickstarter
89		-	account program, which is created within the authority. The department
	120	+	27
	121	+	226
	122	+	-3- BASE AMOUNT IN THE CLAIM YEAR PLUS , IF APPLICABLE, THE INTEREST1
	123	+	ACCRUAL AMOUNT, which the parent or parents of AN ACCOUNT SPONSOR2
	124	+	FOR the eligible child can claim on behalf of the eligible child, LIMITED3
	125	+	TO ONE CLAIM PER BIRTH CERTIFICATE NUMBER OR ORDER OF ADOPTION4
	126	+	PER CHILD, AS APPLICABLE, by opening an INDIVIDUAL COLLEGE SAVINGS5
	127	+	account for the eligible child. as follows:6
	128	+	(I) One hundred dollars for each eligible child born before January7
	129	+	1, 2021; or8
	130	+	(II) One hundred dollars, annually adjusted for inflation for each9
	131	+	year beginning on or after January 1, 2021, for each eligible child born on10
	132	+	or after January 1, 2021.11
	133	+	(3) (a) Except as otherwise provided in subsection (5) of this12
	134	+	section, the authority shall oversee and administer the college kickstarter13
	135	+	account program, which is created within the authority. The department14
90	136		shall create an advisory board,
91		-	FACILITATED BY THE AUTHORITY, which shall
92		-	include, at a minimum, the state treasurer or the state treasurer's designee
93		-	and both an employee of the department who is not an employee of the
94		-	authority and an employee of the authority IN ACCORDANCE WITH
95		-	SUBSECTION
96		-	(3)(b) OF THIS SECTION, WHICH IS A SUBCOMMITTEE OF THE
97		-	BOARD OF DIRECTORS OF THE AUTHORITY
98		-	, to advise the authority regarding
99		-	the oversight and administration of the kickstarter program. The advisory
100		-	board is subject to the open meetings provisions of the Colorado sunshine
101		-	law contained in part 4 of article 6 of title 24 and the "Colorado Open
102		-	Records Act", article 72 of title 24.
	137	+	FACILITATED BY THE AUTHORITY, which
	138	+	15
	139	+	shall include, at a minimum, the state treasurer or the state treasurer's16
	140	+	designee and both an employee of the department who is not an employee17
	141	+	of the authority and an employee of the authority IN ACCORDANCE WITH18
	142	+	SUBSECTION (3)(b) OF THIS SECTION, WHICH IS A SUBCOMMITTEE OF THE19
	143	+	BOARD OF DIRECTORS OF THE AUTHORITY , to advise the authority20
	144	+	regarding the oversight and administration of the kickstarter program. The21
	145	+	advisory board is subject to the open meetings provisions of the Colorado22
	146	+	sunshine law contained in part 4 of article 6 of title 24 and the "Colorado23
	147	+	Open Records Act", article 72 of title 24.24
103	148		(b) (I) M
104		-	EMBERS OF THE ADVISORY BOARD MUST INCLUDE :
	149	+	EMBERS OF THE ADVISORY BOARD MUST INCLUDE :25
105	150		(A) T
106		-	HE STATE TREASURER OR THE STATE TREASURER 'S DESIGNEE;
	151	+	HE STATE TREASURER OR THE STATE TREASURER 'S DESIGNEE;26
107	152		(B) T
108		-	HE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF ~~HIGHER~~
109		-	~~EDUCATION OR THE EXECUTIVE DIRECTOR~~
110		-	'S DESIGNEE;
111		-	~~PAGE 3-SENATE BILL 24-226~~ (C) ~~THE CHAIR OR THE VICE-CHAIR OF THE BOARD OF DIRECTORS OF~~
112		-	THE ~~AUTHORITY~~
113		-	;
	153	+	HE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF HIGHER27
	154	+	226
	155	+	-4- EDUCATION OR THE EXECUTIVE DIRECTOR 'S DESIGNEE;1
	156	+	(C) T
	157	+	HE CHAIR OR THE VICE-CHAIR OF THE BOARD OF DIRECTORS2
	158	+	OF THE AUTHORITY;3
114	159		(D) T
115		-	HE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF EARLY
116		-	CHILDHOOD OR THE EXECUTIVE DIRECTOR
117		-	'S DESIGNEE;
	160	+	HE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF EARLY4
	161	+	CHILDHOOD OR THE EXECUTIVE DIRECTOR 'S DESIGNEE;5
118	162		(E) T
119		-	HE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF EDUCATION
120		-	OR THE EXECUTIVE DIRECTOR
121		-	'S DESIGNEE;
	163	+	HE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF EDUCATION6
	164	+	OR THE EXECUTIVE DIRECTOR'S DESIGNEE;7
122	165		(F) A
123		-	REPRESENTATIVE FROM THE OFFICE OF CHILDREN , YOUTH, AND
124		-	FAMILIES IN THE DIVISION OF CHILD WELFARE IN THE DEPARTMENT OF
125		-	HUMAN SERVICES
126		-	;
	166	+	REPRESENTATIVE FROM THE OFFICE OF CHILDREN , YOUTH,8
	167	+	AND FAMILIES IN THE DIVISION OF CHILD WELFARE IN THE DEPARTMENT OF9
	168	+	HUMAN SERVICES;10
127	169		(G) A
128		-	MARKETING EXPERT FROM OUTSIDE THE AUTHORITY ;
	170	+	MARKETING EXPERT FROM OUTSIDE THE AUTHORITY ;11
129	171		(H) A
130		-	CUSTOMER EXPERIENCE DESIGN EXPERT FROM OUTSIDE THE
131		-	AUTHORITY
132		-	; AND
133		-	(I) AN EMPLOYEE OF THE AUTHORITY WITH CONTENT KNOWLEDGE
134		-	OF THE KICKSTARTER PROGRAM
135		-	.
	172	+	CUSTOMER EXPERIENCE DESIGN EXPERT FROM OUTSIDE THE12
	173	+	AUTHORITY; AND13
	174	+	(I) A
	175	+	N EMPLOYEE OF THE AUTHORITY WITH CONTENT KNOWLEDGE14
	176	+	OF THE KICKSTARTER PROGRAM .15
136	177		(II) A
137		-	NY MEMBER OF THE BOARD OF DIRECTORS OF THE AUTHORITY
138		-	MAY SERVE ON THE ADVISORY BOARD
139		-	.
	178	+	NY MEMBER OF THE BOARD OF DIRECTORS OF THE16
	179	+	AUTHORITY MAY SERVE ON THE ADVISORY BOARD .17
140	180		(c) T
141		-	HE ADVISORY BOARD MUST MEET AT LEAST QUARTERLY EACH
142		-	YEAR
143		-	.
144		-	(4) (a) The authority shall create a kickstarter program master
145		-	account. By increasing available revenue, without reducing existing levels
146		-	of scholarship or matching grant funding, the authority shall annually
147		-	deposit to the master account for state fiscal year 2019-20 and for each
148		-	succeeding state fiscal year thereafter through state fiscal year 2044-45 the
149		-	amount needed to ensure that there is sufficient money in the master
150		-	account to make all transfers of kickstarter funding from the master account
151		-	to
152		-	INDIVIDUAL COLLEGE SAVINGS accounts that name an eligible child as the
153		-	beneficiary required by subsection (4)(b) of this section during the state
154		-	fiscal year for which the transfer is made. Notwithstanding any other law,
155		-	the amounts to be transferred shall be taken from money of the authority
156		-	that is available for use by the authority for the Colorado collegeinvest
157		-	scholarship program created in section 23-3.1-206.9 (1) or for the
158		-	PAGE 4-SENATE BILL 24-226 authority's matching grant program.
159		-	(b) The authority shall designate kickstarter funding in the master
160		-	account for each eligible child upon receiving notice of the birth or adoption
161		-	of the eligible child from the office of the state registrar of vital statistics in
162		-	the department of public health and environment, created in section
163		-	25-2-103 (1), as required by section 25-2-112 (8). The authority shall
164		-	initially invest the kickstarter funding in its stable value plus plan or any
165		-	successor plan that has a similar investment strategy. A
166		-	N ACCOUNT SPONSOR
167		-	SHALL IDENTIFY AN INDIVIDUAL COLLEGE SAVINGS ACCOUNT THAT NAMES
168		-	THE ELIGIBLE CHILD AS THE BENEFICIARY WHEN CLAIMING KICKSTARTER
169		-	FUNDING FOR THE ELIGIBLE CHILD
170		-	. THE ACCOUNT SPONSOR MAY OPEN AN
171		-	INDIVIDUAL COLLEGE SAVINGS ACC OUNT WITHOUT MAKING ANY
172		-	ADDITIONAL CONTRIBUTION BEYOND KICKSTARTER FUNDING
173		-	. If the parent
174		-	or parents of an eligible child open an account, which they may do without
175		-	making any additional contribution, that names the child as the beneficiary
176		-	AN ACCOUNT SPONSOR MAY CLAIM KICKSTARTER FUNDING FOR AN ELIGIBLE
177		-	CHILD
178		-	within five
179		-	EIGHT years of the date of the eligible child's birth or
180		-	adoption,
181		-	AT WHICH TIME the authority shall transfer the kickstarter funding
182		-	designated for the eligible child and any associated interest
183		-	from the master
184		-	account to the eligible child's
185		-	INDIVIDUAL COLLEGE SAVINGS account. If theparent or parents of AN ACCOUNT SPONSOR FOR an eligible child do DOES not
186		-	open an
187		-	INDIVIDUAL COLLEGE SAVINGS account that names the eligible child
188		-	as a beneficiary
189		-	AND CLAIMS KICKSTARTER FUNDING within five
190		-	EIGHT years
191		-	of the eligible child's birth or adoption, any money in the master account
192		-	that was designated for the eligible child remains in the master account and
193		-	may be designated for another eligible child. Kickstarter funding and any
194		-	associated interest, whether it is designated for an eligible child in the
	181	+	HE ADVISORY BOARD MUST MEET AT LEAST QUARTERLY EACH18
	182	+	YEAR.19
	183	+	(4) (a) The authority shall create a kickstarter program master20
	184	+	account. By increasing available revenue, without reducing existing levels21
	185	+	of scholarship or matching grant funding, the authority shall annually22
	186	+	deposit to the master account for state fiscal year 2019-20 and for each23
	187	+	succeeding state fiscal year thereafter through state fiscal year 2044-4524
	188	+	the amount needed to ensure that there is sufficient money in the master25
	189	+	account to make all transfers of kickstarter funding from the master26
	190	+	account to
	191	+	INDIVIDUAL COLLEGE SAVINGS accounts that name an eligible27
	192	+	226
	193	+	-5- child as the beneficiary required by subsection (4)(b) of this section1
	194	+	during the state fiscal year for which the transfer is made.2
	195	+	Notwithstanding any other law, the amounts to be transferred shall be3
	196	+	taken from money of the authority that is available for use by the4
	197	+	authority for the Colorado collegeinvest scholarship program created in5
	198	+	section 23-3.1-206.9 (1) or for the authority's matching grant program.6
	199	+	(b) The authority shall designate kickstarter funding in the master7
	200	+	account for each eligible child upon receiving notice of the birth or8
	201	+	adoption of the eligible child from the office of the state registrar of vital9
	202	+	statistics in the department of public health and environment, created in10
	203	+	section 25-2-103 (1), as required by section 25-2-112 (8). The authority11
	204	+	shall initially invest the kickstarter funding in its stable value plus plan or12
	205	+	any successor plan that has a similar investment strategy. A
	206	+	N ACCOUNT13
	207	+	SPONSOR SHALL IDENTIFY AN INDIVIDUAL COLLEGE SAVINGS ACCOUNT14
	208	+	THAT NAMES THE ELIGIBLE CHILD AS THE BENEFICIARY WHEN CLAIMING15
	209	+	KICKSTARTER FUNDING FOR THE ELIGIBLE CHILD . THE ACCOUNT SPONSOR16
	210	+	MAY OPEN AN INDIVIDUAL COLLEGE SAVINGS ACCOUNT WITHOUT MAKING17
	211	+	ANY ADDITIONAL CONTRIBUTION BEYOND KICKSTARTER FUNDING . If the
	212	+	18
	213	+	parent or parents of an eligible child open an account, which they may do19
	214	+	without making any additional contribution, that names the child as the20
	215	+	beneficiary AN ACCOUNT SPONSOR MAY CLAIM KICKSTARTER FUNDING21
	216	+	FOR AN ELIGIBLE CHILD within five EIGHT years of the date of the eligible22
	217	+	child's birth or adoption,
	218	+	AT WHICH TIME the authority shall transfer the23
	219	+	kickstarter funding designated for the eligible child and any associated
	220	+	24
	221	+	interest from the master account to the eligible child's INDIVIDUAL25
	222	+	COLLEGE SAVINGS account. If the parent or parents of AN ACCOUNT26
	223	+	SPONSOR FOR an eligible child do DOES not open an INDIVIDUAL COLLEGE27
	224	+	226
	225	+	-6- SAVINGS account that names the eligible child as a beneficiary AND1
	226	+	CLAIMS KICKSTARTER FUNDING within five EIGHT years of the eligible2
	227	+	child's birth or adoption, any money in the master account that was3
	228	+	designated for the eligible child remains in the master account and may4
	229	+	be designated for another eligible child. Kickstarter funding and any5
	230	+	associated interest, whether it is designated for an eligible child in the6
195	231		master account or in an
196		-	INDIVIDUAL COLLEGE SAVINGS account that ~~names~~
197		-	an eligible child as the beneficiary, is excluded from the income of ~~the~~
	232	+	INDIVIDUAL COLLEGE SAVINGS account that names7
	233	+	an eligible child as the beneficiary, is excluded from the income of the8
198	234		eligible child and the parent or parents of
199		-	AN ACCOUNT SPONSOR FOR the
200		-	eligible child for purposes of determining eligibility or benefits amounts for
201		-	any state-funded program.
202		-	(c) The authority, in consultation with the advisory board created in
203		-	subsection (3) of this section, shall develop and, no later than November 1,
204		-	2019, NOVEMBER 1, 2024, obtain the approval of the department to
205		-	implement, directly or through a contractor, a comprehensive and robust
206		-	marketing and outreach plan to make the parent or parents of each eligible
207		-	child aware of the kickstarter program and encourage them to claim the
208		-	PAGE 5-SENATE BILL 24-226 kickstarter funding designated for their eligible child by enrolling in an
209		-	INDIVIDUAL COLLEGE SAVINGS account. The marketing and outreach plan
210		-	shall include multiple strategies, including grants to appropriate
211		-	community-based nonprofit organizations, to specifically target low- and
212		-	middle-income families who may be less likely than wealthier families to
213		-	already be aware of the authority and the availability of accounts. Upon
214		-	making initial contact with the parent or parents of
215		-	AN ACCOUNT SPONSOR
216		-	FOR
217		-	an eligible child, the authority or its contractor shall:
218		-	(I) Educate the parent or parents
219		-	ACCOUNT SPONSOR as to how to
220		-	claim the designated kickstarter funding for their AN eligible child by
	235	+	AN ACCOUNT SPONSOR FOR the9
	236	+	eligible child for purposes of determining eligibility or benefits amounts10
	237	+	for any state-funded program.11
	238	+	(c) The authority, in consultation with the advisory board created12
	239	+	in subsection (3) of this section, shall develop and, no later than13
	240	+	November 1, 2019, NOVEMBER 1, 2024, obtain the approval of the14
	241	+	department to implement, directly or through a contractor, a15
	242	+	comprehensive and robust marketing and outreach plan to make the16
	243	+	parent or parents of each eligible child aware of the kickstarter program17
	244	+	and encourage them to claim the kickstarter funding designated for their18
	245	+	eligible child by enrolling in an
	246	+	INDIVIDUAL COLLEGE SAVINGS account.19
	247	+	The marketing and outreach plan shall include multiple strategies,20
	248	+	including grants to appropriate community-based nonprofit organizations,21
	249	+	to specifically target low- and middle-income families who may be less22
	250	+	likely than wealthier families to already be aware of the authority and the23
	251	+	availability of accounts. Upon making initial contact with the parent or
	252	+	24
	253	+	parents of AN ACCOUNT SPONSOR FOR an eligible child, the authority or its25
	254	+	contractor shall:26
	255	+	(I) Educate the parent or parents ACCOUNT SPONSOR as to how to27
	256	+	226
	257	+	-7- claim the designated kickstarter funding for their AN eligible child by1
221	258		enrolling in an
222		-	INDIVIDUAL COLLEGE SAVINGS account, make ~~future~~
223		-	contributions to the account, choose from available fund options for ~~the~~
	259	+	INDIVIDUAL COLLEGE SAVINGS account, make future2
	260	+	contributions to the account, choose from available fund options for the3
224	261		investment of the
225		-	INDIVIDUAL COLLEGE SAVINGS account, and contact ~~the~~
	262	+	INDIVIDUAL COLLEGE SAVINGS account, and contact the4
226	263		authority regarding questions concerning the
227		-	INDIVIDUAL ~~COLLEGE SAVINGS~~
228		-	account;
	264	+	INDIVIDUAL COLLEGE5
	265	+	SAVINGS account;6
229	266		(II) Advise the parent or parents
230		-	ACCOUNT SPONSOR of ~~the~~
231		-	opportunity to take any financial literacy education program provided ~~by the~~
232		-	state treasurer as authorized in subsection (5) of this section; ~~and~~
233		-	(5) If, in the sole discretion of the state treasurer, adequate gifts,
234		-	grants, and donations are received, the kickstarter program may ~~include a~~
235		-	free program for financial literacy education for eligible children ~~and their~~
236		-	parent or parents AN ACCOUNT SPONSOR and other family ~~members OF THE~~
237		-	ELIGIBLE CHILD
238		-	. The ~~state treasurer shall develop and administer any~~
239		-	~~program for financial literacy education included in the kickstarter~~ program.
240		-	(6) The authority shall conduct an ongoing summative ~~evaluation to~~
241		-	collect summative data to evaluate the kickstarter program'~~s effectiveness~~
242		-	over time. The authority shall prepare, present
243		-	DURING ~~THE DEPARTMENT'S~~
244		-	"SMART ACT" HEARING IN ACCORDANCE WITH ~~SECTION 2-7-203 to the~~
245		-	committees of reference of the general assembly to ~~which the department~~
246		-	is assigned, pursuant to section 2-7-203 (1),
247		-	~~and conspicuously post on its~~
248		-	website an annual written report on the ~~results of the ongoing summative~~
249		-	evaluation, which report shall include, at ~~a minimum:~~
250		-	~~(a) A descriptive and evaluative summary of the marketing and~~
251		-	~~outreach plan for~~ the ~~kickstarter program developed and implemented as~~
252		-	~~required by subsection (4)(c) of this section, including a description of~~ the
253		-	~~PAGE 6-SENATE BILL 24-~~226 ~~strategies used and an assessment of the successes and failures of the plan~~
254		-	~~generally and~~ of ~~the individual strategies used;~~ ~~and~~
255		-	~~(b) Statistical summaries~~ of the ~~usage~~ of the ~~kickstarter program~~
256		-	~~both for the past calendar year~~ and ~~for the life~~ of the ~~program that include:~~
257		-	(II) ~~The number~~ of ~~eligible children,~~ ~~and~~ the ~~percentage of all~~
258		-	~~eligible children,~~ for ~~whom~~ the ~~parent or parents AN ACCOUNT SPONSOR~~
259		-	~~claimed kickstarter funding;~~ ~~by opening accounts~~
260		-	~~(III)~~ The ~~number of families who had not opened~~ an account ~~for any~~
261		-	~~of their children before January 1, 2020, who opened an account for an~~
262		-	~~eligible child or for any~~ of ~~their other children on or after January 1, 2020,~~
263		-	~~and the total number~~ of ~~accounts~~ opened ~~by such families;~~
264		-	~~(IV) To the extent that such information is available~~, ~~The number~~
265		-	of accounts opened ~~CLAIMS FOR KICKSTARTER FUNDING for both eligible~~
266		-	~~children and other children by low-income~~, ~~middle-income, and~~
267		-	~~high-income families AN ACCOUNT SPONSOR CATEGORIZED BY INCOME~~
268		-	~~LEVELS~~
269		-	;
270		-	~~(V) The number of accounts opened for both~~
271		-	ACCOUNT ~~SPONSORS~~
272		-	CLAIMING KICKSTARTER FUNDING FOR AN
273		-	~~eligible~~ children ~~and otherchildren~~, CHILD, and the percentage of all accounts opened for ~~both eligible~~
274		-	children and for other children FOR WHOM NO CLAIM ~~FOR KICKSTARTER~~
275		-	FUNDING HAS BEEN MADE
276		-	~~, in each county;~~ and
277		-	~~(VI) The number and percentage of all families claiming kickstarterfunding~~ for an eligible child; by opening an account:
278		-	(A) Who did not make additional contributions to the account; ~~and~~
279		-	(B) Who did, or for whom others did, make ~~additional contributions~~
280		-	to the account.
281		-	~~(VII) THE AGE OF ELIGIBLE CHILDREN WHEN THE ACCOUNT SPONSOR~~
282		-	~~CLAIMS KICKSTARTER FUNDING~~
283		-	;
	267	+	ACCOUNT SPONSOR of the7
	268	+	opportunity to take any financial literacy education program provided by8
	269	+	the state treasurer as authorized in subsection (5) of this section; and9
	270	+	(5) If, in the sole discretion of the state treasurer, adequate gifts,10
	271	+	grants, and donations are received, the kickstarter program may include11
	272	+	a free program for financial literacy education for eligible children and12
	273	+	their parent or parents AN ACCOUNT SPONSOR and other family members13
	274	+	OF THE ELIGIBLE CHILD. The state treasurer shall develop and administer14
	275	+	any program for financial literacy education included in the kickstarter15
	276	+	program.16
	277	+	(6) The authority shall conduct an ongoing summative evaluation17
	278	+	to collect summative data to evaluate the kickstarter program's18
	279	+	effectiveness over time. The authority shall prepare, present
	280	+	DURING THE19
	281	+	DEPARTMENT'S "SMART ACT" HEARING IN ACCORDANCE WITH SECTION20
	282	+	2-7-203 to the committees of reference of the general assembly to which21
	283	+	the department is assigned, pursuant to section 2-7-203 (1),
	284	+	and22
	285	+	conspicuously post on its website an annual written report on the results23
	286	+	of the ongoing summative evaluation, which report shall include, at a24
	287	+	minimum:25
	288	+	(a) A descriptive and evaluative summary of the marketing and26
	289	+	outreach plan for the kickstarter program developed and implemented as27
	290	+	226
	291	+	-8- required by subsection (4)(c) of this section, including a description of the1
	292	+	strategies used and an assessment of the successes and failures of the plan2
	293	+	generally and of the individual strategies used; and3
	294	+	(b) Statistical summaries of the usage of the kickstarter program4
	295	+	both for the past calendar year and for the life of the program that include:5
	296	+	(II) The number of eligible children, and the percentage of all6
	297	+	eligible children, for whom the parent or parents AN ACCOUNT SPONSOR7
	298	+	claimed kickstarter funding; by opening accounts8
	299	+	(III) The number of families who had not opened an account for9
	300	+	any of their children before January 1, 2020, who opened an account for10
	301	+	an eligible child or for any of their other children on or after January 1,11
	302	+	2020, and the total number of accounts opened by such families;12
	303	+	(IV) To the extent that such information is available, The number13
	304	+	of accounts opened CLAIMS FOR KICKSTARTER FUNDING for both eligible14
	305	+	children and other children by low-income, middle-income, and15
	306	+	high-income families AN ACCOUNT SPONSOR CATEGORIZED BY INCOME16
	307	+	LEVELS;17
	308	+	(V) The number of accounts opened for both ACCOUNT SPONSORS18
	309	+	CLAIMING KICKSTARTER FUNDING FOR AN eligible children and other19
	310	+	children, CHILD, and the percentage of all accounts opened for both20
	311	+	eligible children and for other children FOR WHOM NO CLAIM FOR21
	312	+	KICKSTARTER FUNDING HAS BEEN MADE , in each county; and22
	313	+	(VI) The number and percentage of all families claiming23
	314	+	kickstarter funding for an eligible child; by opening an account:24
	315	+	(A) Who did not make additional contributions to the account; and25
	316	+	(B) Who did, or for whom others did, make additional26
	317	+	contributions to the account.27
	318	+	226
	319	+	-9- (VII) THE AGE OF ELIGIBLE CHILDREN WHEN THE ACCOUNT1
	320	+	SPONSOR CLAIMS KICKSTARTER FUNDING ; 2
284	321		(c) A
285		-	SUMMARY OF GRANTS DISTRIBUTED TO APPROPRIATE
286		-	COMMUNITY
287		-	-BASED NONPROFIT ORGANIZATIONS PURSUANT TO SUBSECTION
288		-	PAGE 7-SENATE BILL 24-226 (4)(c) OF THIS SECTION AND A LIST OF THE GRANTEES; AND
289		-	(d) PROJECTIONS OF THE SOLVENCY OF KICKSTARTER FUNDING IN
290		-	THE MASTER ACCOUNT
291		-	, BASED ON FACTORS INCLUDING THE ACCRUED
292		-	INTEREST IN THE MASTER ACCOUNT
293		-	.
294		-	(7) The kickstarter program is intended to be a public-private
295		-	partnership, with the authority designating kickstarter funding for each
296		-	eligible child within the master account and transferring the kickstarter
297		-	funding into an individual college savings account for each eligible child
298		-	when the parent or parents of
299		-	AN ACCOUNT SPONSOR FOR the eligible child
300		-	claim CLAIMS the kickstarter funding by opening the INDIVIDUAL COLLEGE
301		-	SAVINGS
302		-	account and the state treasurer working with a private partner to
303		-	develop a free program of financial literacy education for eligible children
304		-	and their parent or parents
305		-	AN ACCOUNT SPONSOR and other family members
306		-	OF THE ELIGIBLE CHILD. The state treasurer may seek to enter into
307		-	agreements with private foundations or other entities to fund, develop, and
308		-	implement the financial literacy education program component of the
309		-	kickstarter program, and the authority may seek to enter into agreements
310		-	with such private foundations or other entities to provide additional funding
311		-	for the kickstarter program.
312		-	(8) (c) The authority may expend money from the fund for any
313		-	kickstarter program purpose, and the state treasurer may expend money
314		-	from the fund for the purpose of developing and implementing a free
315		-	program of financial literacy education for eligible children and their parent
316		-	or parents AN ACCOUNT SPONSOR and other family members OF THE
317		-	ELIGIBLE CHILD
318		-	as authorized in subsection (5) of this section.
319		-	SECTION 2. In Colorado Revised Statutes, 25-2-112, amend (8)
320		-	as follows:
321		-	25-2-112. Certificates of birth - filing - establishment of
322		-	parentage - notice to collegeinvest. (8) On or before February 15, 2020,
323		-	and on or before the fifteenth day of each month thereafter, the state
324		-	registrar shall provide to the director of collegeinvest the name of each
325		-	eligible child, as defined in section 23-3.1-306.5 (2)(a)
326		-	SECTION
327		-	23.3-1-306.5 (2)(a.7), born or adopted during the prior calendar month, the date and location of the birth or adoption, and the name and mailing address of the parent or parents, as defined in section 23-3.1-306.5 (2)(g), of the
328		-	PAGE 8-SENATE BILL 24-226 eligible child listed on the eligible child's certificate of birth or the report of
329		-	adoption forwarded to the state registrar as required by section 25-2-107 (1).
330		-	SECTION 3. Effective date. This act takes effect upon passage;
331		-	except that section 23-3.1-306.5 (2)(a.5), (2)(c.5), and (2)(d), Colorado
332		-	Revised Statutes, as enacted in section 1 of this act, takes effect January 1,
333		-	2025.
334		-	SECTION 4. Safety clause. The general assembly finds,
335		-	determines, and declares that this act is necessary for the immediate
336		-	preservation of the public peace, health, or safety or for appropriations for
337		-	PAGE 9-SENATE BILL 24-226 the support and maintenance of the departments of the state and state
338		-	institutions.
339		-	____________________________ ____________________________
340		-	Steve Fenberg Julie McCluskie
341		-	PRESIDENT OF SPEAKER OF THE HOUSE
342		-	THE SENATE OF REPRESENTATIVES
343		-	____________________________ ____________________________
344		-	Cindi L. Markwell Robin Jones
345		-	SECRETARY OF CHIEF CLERK OF THE HOUSE
346		-	THE SENATE OF REPRESENTATIVES
347		-	APPROVED________________________________________
348		-	(Date and Time)
349		-	_________________________________________
350		-	Jared S. Polis
351		-	GOVERNOR OF THE STATE OF COLORADO
352		-	PAGE 10-SENATE BILL 24-226
	322	+	SUMMARY OF GRANTS DISTRIBUTED TO APPROPRIATE3
	323	+	COMMUNITY-BASED NONPROFIT ORGANIZATIONS PURS UANT TO4
	324	+	SUBSECTION (4)(c) OF THIS SECTION AND A LIST OF THE GRANTEES; AND
	325	+	5
	326	+	(d) P
	327	+	ROJECTIONS OF THE SOLVENCY OF KICKSTARTER FUNDING IN
	328	+	6
	329	+	THE MASTER ACCOUNT , BASED ON FACTORS INCLUDING THE ACCRUED7
	330	+	INTEREST IN THE MASTER ACCOUNT .8
	331	+	(7) The kickstarter program is intended to be a public-private9
	332	+	partnership, with the authority designating kickstarter funding for each10
	333	+	eligible child within the master account and transferring the kickstarter11
	334	+	funding into an individual college savings account for each eligible child12
	335	+	when the parent or parents of AN ACCOUNT SPONSOR FOR the eligible child13
	336	+	claim CLAIMS the kickstarter funding by opening the INDIVIDUAL COLLEGE14
	337	+	SAVINGS account and the state treasurer working with a private partner to15
	338	+	develop a free program of financial literacy education for eligible children16
	339	+	and their parent or parents AN ACCOUNT SPONSOR and other family17
	340	+	members
	341	+	OF THE ELIGIBLE CHILD. The state treasurer may seek to enter18
	342	+	into agreements with private foundations or other entities to fund,19
	343	+	develop, and implement the financial literacy education program20
	344	+	component of the kickstarter program, and the authority may seek to enter21
	345	+	into agreements with such private foundations or other entities to provide22
	346	+	additional funding for the kickstarter program.23
	347	+	(8) (c) The authority may expend money from the fund for any24
	348	+	kickstarter program purpose, and the state treasurer may expend money25
	349	+	from the fund for the purpose of developing and implementing a free26
	350	+	program of financial literacy education for eligible children and their
	351	+	27
	352	+	226
	353	+	-10- parent or parents AN ACCOUNT SPONSOR and other family members OF THE1
	354	+	ELIGIBLE CHILD as authorized in subsection (5) of this section.2
	355	+	SECTION 2. In Colorado Revised Statutes, 25-2-112, amend (8)3
	356	+	as follows:4
	357	+	25-2-112. Certificates of birth - filing - establishment of5
	358	+	parentage - notice to collegeinvest. (8) On or before February 15, 2020,6
	359	+	and on or before the fifteenth day of each month thereafter, the state7
	360	+	registrar shall provide to the director of collegeinvest the name of each8
	361	+	eligible child, as defined in section 23-3.1-306.5 (2)(a) SECTION9
	362	+	23.3-1-306.5 (2)(a.7), born or adopted during the prior calendar month,10
	363	+	the date and location of the birth or adoption, and the name and mailing11
	364	+	address of the parent or parents, as defined in section 23-3.1-306.5 (2)(g),12
	365	+	of the eligible child listed on the eligible child's certificate of birth or the13
	366	+	report of adoption forwarded to the state registrar as required by section14
	367	+	25-2-107 (1).15
	368	+	SECTION 3. Effective date. This act takes effect upon passage;16
	369	+	except that section 23-3.1-306.5 (2)(a.5), (2)(c.5), and (2)(d), Colorado17
	370	+	Revised Statutes, as enacted in section 1 of this act, takes effect January18
	371	+	1, 2025.19
	372	+	SECTION 4. Safety clause. The general assembly finds,20
	373	+	determines, and declares that this act is necessary for the immediate21
	374	+	preservation of the public peace, health, or safety or for appropriations for22
	375	+	the support and maintenance of the departments of the state and state23
	376	+	institutions.24
	377	+	226
	378	+	-11-