Text: H.R.3029 — 113th Congress (2013-2014)All Bill Information (Except Text)

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Introduced in House (08/02/2013)


113th CONGRESS
1st Session
H. R. 3029

To direct the Securities and Exchange Commission to revise certain rules relating to the status of qualified prepaid tuition programs under the securities laws.


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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “College Savings Enhancement Act of 2013”.

SEC. 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.