SB 941 - This act establishes the Show Me Child Savings Account Act. Under this act, any individual born in the state on or after January 1, 2021, shall receive a one-time scholarship grant of $100 from the state, subject to appropriation.
Upon receiving a certification of live birth in the state, the Department of Health and Senior Services shall transmit information set forth in the act to the State Treasurer to be used to determine whether a child qualifies for a scholarship grant.
If the State Treasurer determines that a child is qualified, the State Treasurer shall notify the child's parent or legal guardian, and shall provide an explanation of the program, as well as the opportunity to exclude his or her child from the program. Any child not excluded by his or her parent or guardian shall be deemed to be enrolled in the program.
This act creates the Show Me Child Savings Account Program Fund within the State Treasury. Any money in the fund shall be used to provide a one-time scholarship grant in an amount of $100. The State Treasurer shall deduct the costs incurred in administering this act from the fund, but such costs shall not exceed 0.35% of the total average daily fund balance of funds within the State Treasury.
The State Treasurer shall establish a separate account in the Missouri Education Savings Account Program for each eligible child and shall deposit scholarship grants and interest earnings into such accounts.
Any funds in an account that were provided by the state shall revert back to the Show Me Child Savings Account Program Fund if an eligible child moves out of the state prior to applying for and receiving the grant, or if an eligible child reaches 26 years of age prior to applying for or receiving the grant.
Funds deposited into the accounts shall be invested only in those investments which a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.
This act is similar to HCS/HB 1445 (2020).
JOSIE BUTLER