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Key Votes

HB 1508 - State-Sponsored Children's Savings Accounts - Key Vote

North Dakota Key Votes

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Stage Details

Legislation - Bill Failed (House) (28-64) - (Key vote)

Title: State-Sponsored Children's Savings Accounts

Vote Smart's Synopsis:

Vote to pass a bill that would establish savings accounts for all eligible children born on or after January 1, 2010 with an initial deposit of $500 from the state.

Highlights:
-Specifies that the state may match up to $500 of eligible deposits to a child account per year, and limits the total aggregate contributions to any child's account to no more than $2,000 per year (Secs. 2 and 4). -Prohibits withdrawals from a child's account prior to the child reaching the age of 18 (Sec. 2). -Specifies that upon reaching the age of 18 a child may withdraw money out of his or her account for the following purposes (Sec. 4):
    -to pay for postsecondary education, career technical education, or training; -to purchase a first home; -to purchase a vehicle for transportation to work; -to start a business; or -to fund retirement.
-Limits the fees for management of each account to no more than 1.5% of the net asset value of the account, and specifies that those fees must be deducted from the account (Sec. 5). -Appropriates up to $8.82 million to the state treasurer to fund this program for the biennium ending on June 30, 2011 (Sec. 8).
Legislation - Introduced (House) - (Key vote)

Title: State-Sponsored Children's Savings Accounts

Sponsors

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