By: Zwiener H.B. No. 100
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the creation of a universal higher education savings
  trust account by the Prepaid Higher Education Tuition Board.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 54.701(10), Education Code, is amended
  to read as follows:
               (10)  "Savings trust account" means an account
  established through the plan by an individual or the board under
  this subchapter on behalf of a beneficiary in order to apply
  distributions from the account toward qualified higher education
  expenses at eligible educational institutions.
         SECTION 2.  Subchapter G, Chapter 54, Education Code, is
  amended by adding Section 54.7071 to read as follows:
         Sec. 54.7071.  UNIVERSAL SAVINGS TRUST ACCOUNT. (a) From
  money available for the purpose, the board shall open a universal
  savings trust account to save money for the payment of the qualified
  higher education expenses of each child born in this state.
         (b)  For purposes of this subchapter, the board is the owner
  of the universal savings trust account. Except as provided by
  Subsection (d), each child born in this state on or after September
  1, 2023, is a beneficiary of the account.
         (c)  Except as provided by Subsection (d), on receipt of
  notice regarding the birth of a child in this state from the
  Department of State Health Services under Section 191.011, Health
  and Safety Code, the board shall deposit $100 in the universal
  savings trust account on behalf of the child.
         (d)  The parent or legal guardian of a child born in this
  state may opt out of the contribution to the universal savings trust
  account on the child's behalf under Subsection (c) by submitting a
  written request to the board.
         (e)  The board shall distribute money in the universal
  savings trust account to a beneficiary of the account in accordance
  with board rule.
         (f)  The board shall develop and implement an outreach
  program to inform parents and legal guardians of children born in
  this state regarding the universal savings trust account and the
  right to opt out of the contribution to the account under Subsection
  (d).
         SECTION 3.  Section 54.709(d), Education Code, is amended to
  read as follows:
         (d)  A savings trust agreement must provide that, if after a
  specified period the savings trust agreement has not been
  terminated and the beneficiary's rights in the account have not
  been exercised, the board, after making reasonable efforts to
  contact the owner and beneficiary of the account or their agents,
  shall:
               (1)  report the unclaimed money in the account to the
  comptroller; or
               (2)  if the account is the universal savings trust
  account opened under Section 54.7071, withdraw from the account the
  money attributable to the beneficiary and deposit the money in the
  general revenue fund.
         SECTION 4.  Subchapter A, Chapter 191, Health and Safety
  Code, is amended by adding Section 191.011 to read as follows:
         Sec. 191.011.  BIRTH INFORMATION FOR PREPAID HIGHER
  EDUCATION TUITION BOARD. (a)  The department shall implement an
  efficient and effective method to inform the Prepaid Higher
  Education Tuition Board regarding the birth of a child in this state
  as necessary for the board to administer the universal savings
  trust account under Section 54.7071, Education Code.
         (b)  The department shall enter into a memorandum of
  understanding with the Prepaid Higher Education Tuition Board to
  implement this section.
         SECTION 5.  This Act takes effect September 1, 2024.