SB625

Senate Bill 625 amends the Arkansas Children’s Educational Freedom Account Program by modifying definitions, eligibility criteria, and administrative procedures for education savings accounts. The bill expands the definition of 'qualifying expenses' to include specific co-curricular courses, instructional materials, tutoring services, and various fees related to college credit or career training. It establishes a formal application process with set timelines and provisions for applicants moving between states or regions. The bill modifies the fund disbursement system, transitioning to electronic payments and allowing for a lower administrative fee percentage for third-party vendors. It also outlines clear conditions under which student accounts may be closed, including cases of intentional misuse or changes in student status. Additionally, the legislation adds clarifying language regarding student eligibility and the rollover of unused account funds.