By:  Whitmire                                                     S.B. No. 1588


A BILL TO BE ENTITLED

AN ACT

relating to exempting college savings plan accounts from 
attachment, execution, and seizure for the satisfaction of debts.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Chapter 42, Title 5, Property Code, is amended by 
adding Section 42.0022 to read as follows:
	Section 42.0022.  Additional Exemption for College Savings 
Plan.  (a)  In addition to the exemption prescribed by Section 
42.001, a person's right to the assets held in or to receive 
payments under any fund or plan established under Subchapter F, 
Chapter 54, Education Code, any fund or plan established under 
Subchapter G, Chapter 54, Education Code, or any qualified tuition 
program of any state meeting the requirements of Section 529 of the 
Internal Revenue Code of 1986, is exempt from attachment, 
execution, and seizure for the satisfaction of debts.  If this 
subsection is held invalid or preempted by federal law in whole or 
in part or in certain circumstances, the subsection remains in 
effect in all other respects to the maximum extent permitted by law.
	SECTION 2.  (a)  This Act takes effect September 1, 2003.                      
	(b)  The change in law made by this Act applies to all money 
and other property contributed to or held in a fund or plan 
described in Section 1 on or after the effective date of this Act, 
whether the property was contributed before, on, or after the 
effective date of this Act.
	SECTION 3.  The importance of this legislation and the 
crowded condition of the calendars in both houses create an 
emergency and an imperative public necessity that the 
constitutional rule requiring bills to be read on three several 
days in each house be suspended, and this rule is hereby suspended.