College Savings Enhancement Act of 2013

Bill: 113-hr-3029
Sponsor: full_name: Rep. Hurt, Robert [R-VA-5]
Introduced: 2013-08-02
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Financial services and investments

Higher education

Securities and Exchange Commission (SEC)

Student aid and college costs

Tax-exempt organizations
Latest action: action_date: 2013-08-02
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2013-08-02
action_desc: Introduced in House
text: <p>College Savings Enhancement Act of 2013 - Directs the Securities and Exchange Commission (SEC) to revise specified regulations so as to include: (1) qualified prepaid tuition programs under the definition of a qualified institutional buyer (with respect to private resales of securities to institutions), and (2) as accredited investors any qualified prepaid tuition programs whose total assets exceed $5 million (with respect to Regulation D, governing the limited offer and sale of securities without registration under the Securities Act of 1933).</p> <p>Defines, for purposes of such revisions, a &quot;qualified prepaid tuition program&quot; as a qualified tuition program (under which a person may purchase tuition credits or certificates on behalf of a designated beneficiary which entitle the beneficiary to the waiver or payment of the beneficiary's qualified higher education expenses), which is established and maintained by a state or state agency or instrumentality that satisfies certain other requirements of the Internal Revenue Code.<BR> </p> <UL> </UL>

tv_txt: I 113th CONGRESS 1st Session H. R. 3029 IN THE HOUSE OF REPRESENTATIVES August 2, 2013 Mr. Hurt (for himself and Mr. Delaney ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To direct the Securities and Exchange Commission to revise certain rules relating to the status of qualified prepaid tuition programs under the securities laws.

1. Short title This Act may be cited as the College Savings Enhancement Act of 2013 . 2. Status of qualified prepaid tuition programs (a) Revision of rules Not later than 270 days after the date of enactment of this Act, the Securities and Exchange Commission shall revise its regulations contained in— (1) section 230.144A(a)(1) of title 17, Code of Federal Regulations, to include qualified prepaid tuition programs under the definition of a qualified institutional buyer; and (2) section 230.501 of such title, to include qualified prepaid tuition programs that have total assets in excess of $5,000,000 as accredited investors. (b) Qualified prepaid tuition program defined For purposes of the revisions required by subsection (a), the term qualified prepaid tuition program means a qualified tuition program (as defined in section 529(b)(1)(A)(i) of the Internal Revenue Code of 1986 ( 26 U.S.C. 529(b)(1)(A)(i) )) established and maintained by a State or agency or instrumentality of a State, and that satisfies the other requirements of such section 529.