An account is a 3 trust with the parent or guardian as settlor, the child as 4 beneficiary and the bank or savings and loan association as 5 trustee. This subparagraph shall not apply if the child 20 does not attend college because of death or physical or 21 mental incapacity. 2 Section 4. Individual Education Account Fund is 4 created. The fund shall consist of the money deposited in 5 accounts under section 3 and interest earned on that money.
Credit accounts with proportional interest.
16 Section 5. The Department of Revenue may promulgate regulations to 18 implement this act. 19 Section 6. This act shall take effect in 60 days.