HF 550

1st Engrossment - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to higher education; creating a trust status 
  1.3             for funds in the Edvest program; extending authority 
  1.4             to adopt rules for Edvest; amending Minnesota Statutes 
  1.5             2000, section 136A.244, by adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2000, section 136A.244, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 5.  [TRUST.] Assets in the program are held in trust 
  1.10  for the exclusive benefit of account holders and beneficiaries.  
  1.11  Such assets are not subject to claims by creditors of the state, 
  1.12  are not part of the general fund of the state, and are not 
  1.13  subject to appropriation by the state. 
  1.14     Sec. 2.  [AUTHORITY TO ADOPT RULES; EDVEST.] 
  1.15     Notwithstanding Minnesota Statutes, section 14.125, the 
  1.16  higher education services office has nine months from the 
  1.17  effective date of this section to publish a notice of intent to 
  1.18  adopt rules or a notice of hearing for rules implementing the 
  1.19  Edvest savings program under Minnesota Statutes, sections 
  1.20  136A.241 to 136A.245.  If the notice is not published within the 
  1.21  time limit imposed by this section, the authority for the rules 
  1.22  expires. 
  1.23     Sec. 3.  [EFFECTIVE DATE.] 
  1.24     Sections 1 and 2 are effective the day following final 
  1.25  enactment.