SB422

Senate Bill 422 amends the Arkansas Brighter Future Fund Plan Act to expand participation by allowing 501(c)(3) nonprofit organizations to act as account owners and contributors. The bill defines a 'nonprofit organization' for the purpose of the act and permits these entities to establish accounts for designated beneficiaries or groups of beneficiaries. It requires the Treasurer of State to create a system to facilitate these contributions and manage the necessary personally-identifiable information, such as Social Security numbers and birth dates. Additionally, the bill mandates that nonprofit organizations must provide parents or guardians of a designated beneficiary the option to voluntarily decline the account and any contributions made to it. The legislation updates existing definitions of 'account owner' and 'contributor' to incorporate nonprofit participation.