1
2
3
4
5
6
7
8 LONG TITLE
9 General Description:
10 This bill creates the Parental Coaching to Encourage Student Savings Program.
11 Highlighted Provisions:
12 This bill:
13 ▸ defines terms;
14 ▸ creates the Parental Coaching to Encourage Student Savings Program (the program)
15 within the Department of Workforce Services which provides:
16 • financial training to parents of certain children experiencing intergenerational
17 poverty, to encourage the parents to start saving money for their child's higher
18 education expenses; and
19 • a financial contribution to the 529 savings accounts of certain children
20 experiencing intergenerational poverty, if a parent successfully meets the
21 requirements of the program;
22 ▸ excludes financial contributions made by the Department of Workforce Services
23 from qualifying for certain tax credits available to the owners of 529 savings
24 accounts;
25 ▸ requires the Department of Workforce Services to make rules to administer the
26 program;
27 ▸ creates the Parental Coaching to Encourage Student Savings Program Restricted
28 Account;
29 ▸ describes the reporting and other requirements of the Department of Workforce
30 Services related to the program;
31 ▸ requires local education agencies to provide written notification of the program to
32 the parents of children attending kindergarten;
33 ▸ requires the Division of Finance to transfer a certain amount of money each year
34 from the Unclaimed Property Trust Fund to the Parental Coaching to Encourage
35 Student Savings Program Restricted Account; and
36 ▸ makes technical changes.
37 Money Appropriated in this Bill:
38 None
39 Other Special Clauses:
40 None
41 Utah Code Sections Affected:
42 AMENDS:
43 59-10-1017, as last amended by Laws of Utah 2021, Chapters 367 and 370
44 63I-1-263, as last amended by Laws of Utah 2021, Chapters 70, 72, 84, 90, 171, 196,
45 260, 280, 282, 345, 382, 401, 421 and last amended by Coordination Clause, Laws
46 of Utah 2021, Chapter 382
47 63J-1-602.1, as last amended by Laws of Utah 2021, Chapters 280, 382, 401, and 438
48 67-4a-801, as repealed and reenacted by Laws of Utah 2017, Chapter 371
49 ENACTS:
50 35A-3-901, Utah Code Annotated 1953
51 35A-3-902, Utah Code Annotated 1953
52 35A-3-903, Utah Code Annotated 1953
53 35A-3-904, Utah Code Annotated 1953
54 53G-4-412, Utah Code Annotated 1953
55
56 Be it enacted by the Legislature of the state of Utah:
57 Section 1. Section 35A-3-901 is enacted to read:
58
59 35A-3-901. Definitions.
60 As used in this part:
61 (1) "529 savings account" means a tax-advantaged method of saving for higher
62 education costs on behalf of a particular individual that:
63 (a) meets the requirements of Section 529, Internal Revenue Code; and
64 (b) is managed by the plan.
65 (2) "Eligible 529 savings account" means a 529 savings account for which:
66 (a) a parent applicant is the account owner; and
67 (b) the parent applicant's qualified child is a beneficiary.
68 (3) "Intergenerational poverty" means the same as that term is defined in Section
69 35A-9-102.
70 (4) "Local education agency" means a school district, a charter school, or the Utah
71 Schools for the Deaf and the Blind.
72 (5) "Parent applicant" means an applicant for the program who is a parent, legal
73 custodian, or legal guardian of a qualified child and who is living with the qualified child.
74 (6) "Parental coaching" means the training described in Subsection 35A-3-902(4).
75 (7) "Plan" means the Utah Educational Savings Plan created in Section 53B-8a-103.
76 (8) "Program" means the Parental Coaching to Encourage Student Savings Program
77 created in Section 35A-3-902.
78 (9) "Qualified child" means a child who is:
79 (a) five or six years old; and
80 (b) experiencing intergenerational poverty.
81 (10) "Restricted account" means the Parental Coaching to Encourage Student Savings
82 Program Restricted Account created in Section 35A-3-903.
83 Section 2. Section 35A-3-902 is enacted to read:
84 35A-3-902. Program creation and description.
85 (1) There is created the Parental Coaching to Encourage Student Savings Program.
86 (2) The program shall be administered by the department.
87 (3) Subject to available funds, the program shall provide:
88 (a) parental coaching to a parent applicant as described in Subsection (4);
89 (b) a one-time contribution of $500 made by the department to an eligible 529 savings
90 account in accordance with Subsection (7), if:
91 (i) the parent applicant completes the parental coaching; and
92 (ii) the parent applicant opens the eligible 529 savings account no later than 60 days
93 after the day on which the parent applicant completes the parental coaching; and
94 (c) an additional one-time contribution of $50 made by the department to an eligible
95 529 savings account in accordance with Subsection (7), if the parent applicant contributes at
96 least $50 to the eligible 529 savings account within 60 days after the day on which the parent
97 applicant completes the parental coaching.
98 (4) The department shall ensure that parental coaching:
99 (a) is a program of financial coaching designed to teach a parent applicant the
100 advantages of beginning a savings program for future higher education expenses of the parent
101 applicant's child while the child is still young;
102 (b) demonstrates how compound interest works in increasing savings over time;
103 (c) describes the general financial and other advantages of individuals who obtain
104 education beyond the high school level;
105 (d) provides information about how to open an eligible 529 savings account;
106 (e) provides information about the benefits of the program, including an explanation of
107 the requirements for an eligible 529 savings account to receive the one-time contributions
108 described in Subsections (3)(b) and (c);
109 (f) encourages a parent applicant to be actively involved in the education of the parent
110 applicant's child; and
111 (g) is provided at no cost to a parent applicant.
112 (5) Parental coaching may be offered by the department or any of the following if
113 approved by the department:
114 (a) a civic organization, if the executive director enters into a contract with the civic
115 organization following the procedures for contracting with a civic organization for the
116 provision of social capital under Section 35A-3-507;
117 (b) a for-profit entity;
118 (c) an educational institution; or
119 (d) a government entity.
120 (6) A parent applicant may apply to the department, in a form approved by the
121 department, to participate in the program.
122 (7) (a) If a parent applicant completes the parental coaching portion of the program and
123 provides evidence to the department of having opened an eligible 529 savings account no later
124 than 60 days after the day on which the parent applicant completes the parental coaching, the
125 department, in coordination with the plan, shall provide a one-time contribution of $500 to the
126 eligible 529 savings account.
127 (b) The department shall provide an additional one-time contribution of $50 to the 529
128 savings account described in Subsection (7)(a) if the parent applicant provides evidence to the
129 department of having contributed at least $50 to the eligible 529 savings account within 60
130 days after the day on which the parent applicant completes the parental coaching.
131 (c) (i) The department shall ensure that the maximum total contribution for one
132 qualified child under Subsection (7)(a) does not exceed $500, even if more than one parent
133 applicant of a qualified child completes the parental coaching portion of the program or more
134 than one eligible 529 savings account is opened on behalf of a qualified child.
135 (ii) The department shall ensure that the maximum total contribution for one qualified
136 child under Subsection (7)(b) does not exceed $50, even if more than one parent applicant of a
137 qualified child completes the parental coaching portion of the program or more than one
138 eligible 529 savings account is opened on behalf of a qualified child.
139 (d) (i) The department shall make the contribution described in Subsection (7)(a)
140 within 30 days after the day on which the department receives from the parent applicant
141 evidence of having opened the eligible 529 savings account.
142 (ii) The department shall make the contribution described in Subsection (7)(b) within
143 30 days after the day on which the department receives from the parent applicant evidence of
144 the parental applicant's contribution to the eligible 529 savings account.
145 (8) The department shall disseminate information about the program to local education
146 agencies, including information regarding program eligibility.
147 (9) (a) The department shall, in accordance with Title 63G, Chapter 3, Utah
148 Administrative Rulemaking Act, make rules to administer the program and carry out the
149 provisions of this part.
150 (b) The rules made under Subsection (9)(a) shall include:
151 (i) procedures for a parent applicant to apply to the department to participate in the
152 program;
153 (ii) standards for the provision of parental coaching under Subsection (4);
154 (iii) procedures for a parent applicant to provide to the department evidence of opening
155 an eligible 529 savings account or contributing to an eligible 529 savings account as required
156 under Subsection (7); and
157 (iv) provisions for information sharing and coordination with the plan.
158 Section 3. Section 35A-3-903 is enacted to read:
159 35A-3-903. Parental Coaching to Encourage Student Savings Program Restricted
160 Account.
161 (1) There is created a restricted account within the General Fund known as the
162 "Parental Coaching to Encourage Student Savings Program Restricted Account".
163 (2) The department is the administrator of the restricted account.
164 (3) (a) Subject to Subsection (3)(b), the department shall use account money to pay for
165 the program.
166 (b) The department may not use more than $1,000,000 each year for the one-time
167 contributions described in Subsections 35A-3-902(3)(b) and (c).
168 (4) The restricted account consists of:
169 (a) money transferred to the restricted account under Section 67-4a-801; and
170 (b) money appropriated or otherwise made available by the Legislature.
171 (5) (a) The restricted account shall earn interest.
172 (b) All interest earned on the restricted account shall be deposited into the restricted
173 account.
174 Section 4. Section 35A-3-904 is enacted to read:
175 35A-3-904. Reporting.
176 As part of the annual written report described in Section 35A-1-109, the department
177 shall:
178 (1) provide the number of parent applicants who have participated in the program;
179 (2) provide the number of parent applicants who have completed parental coaching;
180 (3) provide the number of qualified children who have received a contribution from the
181 program to an eligible 529 savings account opened on behalf of the qualified children;
182 (4) describe the status of the restricted account, including an accounting of
183 expenditures made from the restricted account; and
184 (5) make recommendations to the Legislature regarding the effectiveness of the
185 program and any suggestions for improving the program.
186 Section 5. Section 53G-4-412 is enacted to read:
187 53G-4-412. Parental Coaching to Encourage Student Savings Program
188 notification requirements.
189 (1) As used in this section, "local education agency" means a school district, a charter
190 school, or the Utah Schools for the Deaf and the Blind.
191 (2) On or before October 1 of each school year, a local education agency that offers
192 kindergarten shall provide to a parent, legal custodian, or legal guardian of each incoming
193 kindergarten student, written notification regarding the Parental Coaching to Encourage
194 Student Savings Program created in Section 35A-3-902, including information regarding
195 program eligibility.
196 Section 6. Section 59-10-1017 is amended to read:
197 59-10-1017. Utah Educational Savings Plan tax credit.
198 (1) As used in this section:
199 (a) "Account owner" means the same as that term is defined in Section 53B-8a-102.
200 (b) "Grantor trust" means the same as that term is defined in Section 53B-8a-102.5.
201 (c) "Higher education costs" means the same as that term is defined in Section
202 53B-8a-102.5.
203 (d) "Maximum amount of a qualified investment for the taxable year" means, for a
204 taxable year, the product of the percentage listed in Subsection 59-10-104(2) and:
205 (i) subject to Subsection (1)(d)(iii), for a claimant, estate, or trust that is an account
206 owner, if that claimant, estate, or trust is other than husband and wife account owners who file
207 a single return jointly, the maximum amount of a qualified investment:
208 (A) listed in Subsection 53B-8a-106(1)(e)(ii); and
209 (B) increased or kept for that taxable year in accordance with Subsections
210 53B-8a-106(1)(f) and (g);
211 (ii) subject to Subsection (1)(d)(iii), for claimants who are husband and wife account
212 owners who file a single return jointly, the maximum amount of a qualified investment:
213 (A) listed in Subsection 53B-8a-106(1)(e)(iii); and
214 (B) increased or kept for that taxable year in accordance with Subsections
215 53B-8a-106(1)(f) and (g); or
216 (iii) for a grantor trust:
217 (A) if the owner of the grantor trust has a single filing status or head of household
218 filing status as defined in Section 59-10-1018, the amount described in Subsection (1)(d)(i); or
219 (B) if the owner of the grantor trust has a joint filing status as defined in Section
220 59-10-1018, the amount described in Subsection (1)(d)(ii).
221 (e) "Owner of the grantor trust" means the same as that term is defined in Section
222 53B-8a-102.5.
223 (f) "Plan" means the Utah Educational Savings Plan created in Section 53B-8a-103.
224 [
225 53B-8a-102.5.
226 (ii) "Qualified investment" does not include any contributions made by the Department
227 of Workforce Services under Section 35A-3-902.
228 (2) Except as provided in Section 59-10-1002.2 and subject to the other provisions of
229 this section, a claimant, estate, or trust that is an account owner may claim a nonrefundable tax
230 credit equal to the product of:
231 (a) the amount of a qualified investment made:
232 (i) during the taxable year; and
233 (ii) into an account owned by the claimant, estate, or trust; and
234 (b) the percentage listed in Subsection 59-10-104(2).
235 (3) A claimant, estate, or trust, or a person other than the claimant, estate, or trust, may
236 make a qualified investment described in Subsection (2).
237 (4) A claimant, estate, or trust that is an account owner may not claim a tax credit
238 under this section with respect to any portion of a qualified investment described in Subsection
239 (2) that a claimant, estate, trust, or person described in Subsection (3) deducts on a federal
240 income tax return.
241 (5) A tax credit under this section may not exceed the maximum amount of a qualified
242 investment for the taxable year.
243 (6) A claimant, estate, or trust that is an account owner may not carry forward or carry
244 back the tax credit under this section.
245 (7) (a) An account owner may not claim a tax credit under this section with respect to
246 any contributions made by the Department of Workforce Services under Section 35A-3-902.
247 (b) The plan shall coordinate with the commission to ensure compliance with
248 Subsection (7)(a).
249 Section 7. Section 63I-1-263 is amended to read:
250 63I-1-263. Repeal dates, Titles 63A to 63N.
251 (1) In relation to the Utah Transparency Advisory Board, on January 1, 2025:
252 (a) Section 63A-16-102 is repealed;
253 (b) Section 63A-16-201 is repealed; and
254 (c) Section 63A-16-202 is repealed.
255 (2) Subsection 63A-5b-405(5), relating to prioritizing and allocating capital
256 improvement funding, is repealed July 1, 2024.
257 (3) Section 63A-5b-1003, State Facility Energy Efficiency Fund, is repealed July 1,
258 2023.
259 (4) Sections 63A-9-301 and 63A-9-302, related to the Motor Vehicle Review
260 Committee, are repealed July 1, 2023.
261 (5) Title 63C, Chapter 4a, Constitutional and Federalism Defense Act, is repealed July
262 1, 2028.
263 (6) Title 63C, Chapter 6, Utah Seismic Safety Commission, is repealed January 1,
264 2025.
265 (7) Title 63C, Chapter 12, Snake Valley Aquifer Advisory Council, is repealed July 1,
266 2024.
267 (8) Title 63C, Chapter 17, Point of the Mountain Development Commission Act, is
268 repealed July 1, 2023.
269 (9) Title 63C, Chapter 18, Behavioral Health Crisis Response Commission, is repealed
270 July 1, 2023.
271 (10) Title 63C, Chapter 23, Education and Mental Health Coordinating Council, is
272 repealed July 1, 2026.
273 (11) Title 63A, Chapter 16, Part 7, Data Security Management Council, is repealed
274 July 1, 2025.
275 (12) Section 63G-6a-805, which creates the Purchasing from Persons with Disabilities
276 Advisory Board, is repealed July 1, 2026.
277 (13) Title 63G, Chapter 21, Agreements to Provide State Services, is repealed July 1,
278 2025.
279 (14) Title 63H, Chapter 4, Heber Valley Historic Railroad Authority, is repealed July 1,
280 2024.
281 (15) Title 63H, Chapter 8, Utah Housing Corporation Act, is repealed July 1, 2026.
282 (16) Subsection 63J-1-602.1(17), Nurse Home Visiting Restricted Account is repealed
283 July 1, 2026.
284 (17) (a) Subsection 63J-1-602.1[
285 Restricted Account, is repealed July 1, 2022.
286 (b) When repealing Subsection 63J-1-602.1[
287 Research and General Counsel shall, in addition to the office's authority under Subsection
288 36-12-12(3), make necessary changes to subsection numbering and cross references.
289 (18) Subsection 63J-1-602.2(5), referring to dedicated credits to the Utah Marriage
290 Commission, is repealed July 1, 2023.
291 (19) Subsection 63J-1-602.2(6), referring to the Trip Reduction Program, is repealed
292 July 1, 2022.
293 (20) Subsection 63J-1-602.2(24), related to the Utah Seismic Safety Commission, is
294 repealed January 1, 2025.
295 (21) Title 63J, Chapter 4, Part 5, Resource Development Coordinating Committee, is
296 repealed July 1, 2027.
297 (22) In relation to the advisory committee created in Subsection 63L-11-305(3), on July
298 1, 2022:
299 (a) Subsection 63L-11-305(1)(a), which defines "advisory committee," is repealed; and
300 (b) Subsection 63L-11-305(3), which creates the advisory committee, is repealed.
301 (23) In relation to the Utah Substance Use and Mental Health Advisory Council, on
302 January 1, 2023:
303 (a) Sections 63M-7-301, 63M-7-302, 63M-7-303, 63M-7-304, and 63M-7-306 are
304 repealed;
305 (b) Section 63M-7-305, the language that states "council" is replaced with
306 "commission";
307 (c) Subsection 63M-7-305(1) is repealed and replaced with:
308 "(1) "Commission" means the Commission on Criminal and Juvenile Justice."; and
309 (d) Subsection 63M-7-305(2) is repealed and replaced with:
310 "(2) The commission shall:
311 (a) provide ongoing oversight of the implementation, functions, and evaluation of the
312 Drug-Related Offenses Reform Act; and
313 (b) coordinate the implementation of Section 77-18-104 and related provisions in
314 Subsections 77-18-103(2)(c) and (d).".
315 (24) The Crime Victim Reparations and Assistance Board, created in Section
316 63M-7-504, is repealed July 1, 2027.
317 (25) Title 63M, Chapter 7, Part 6, Utah Council on Victims of Crime, is repealed July
318 1, 2022.
319 (26) Title 63M, Chapter 11, Utah Commission on Aging, is repealed July 1, 2026.
320 (27) Title 63N, Chapter 1, Part 5, Governor's Economic Development Coordinating
321 Council, is repealed July 1, 2024.
322 (28) Title 63N, Chapter 2, Part 2, Enterprise Zone Act, is repealed July 1, 2028.
323 (29) Section 63N-2-512, related to the Hotel Impact Mitigation Fund, is repealed July
324 1, 2028.
325 (30) (a) Title 63N, Chapter 2, Part 6, Utah Small Business Jobs Act, is repealed
326 January 1, 2021.
327 (b) Section 59-9-107 regarding tax credits against premium taxes is repealed for
328 calendar years beginning on or after January 1, 2021.
329 (c) Notwithstanding Subsection(30)(b), an entity may carry forward a tax credit in
330 accordance with Section 59-9-107 if:
331 (i) the person is entitled to a tax credit under Section 59-9-107 on or before December
332 31, 2020; and
333 (ii) the qualified equity investment that is the basis of the tax credit is certified under
334 Section 63N-2-603 on or before December 31, 2023.
335 (31) Title 63N, Chapter 4, Part 4, Rural Employment Expansion Program, is repealed
336 July 1, 2023.
337 (32) Title 63N, Chapter 7, Part 1, Board of Tourism Development, is repealed July 1,
338 2025.
339 (33) Title 63N, Chapter 9, Part 2, Outdoor Recreational Infrastructure Grant Program,
340 is repealed January 1, 2028.
341 Section 8. Section 63J-1-602.1 is amended to read:
342 63J-1-602.1. List of nonlapsing appropriations from accounts and funds.
343 Appropriations made from the following accounts or funds are nonlapsing:
344 (1) The Utah Intracurricular Student Organization Support for Agricultural Education
345 and Leadership Restricted Account created in Section 4-42-102.
346 (2) The Native American Repatriation Restricted Account created in Section 9-9-407.
347 (3) The Martin Luther King, Jr. Civil Rights Support Restricted Account created in
348 Section 9-18-102.
349 (4) The National Professional Men's Soccer Team Support of Building Communities
350 Restricted Account created in Section 9-19-102.
351 (5) Funds collected for directing and administering the C-PACE district created in
352 Section 11-42a-106.
353 (6) Money received by the Utah Inland Port Authority, as provided in Section
354 11-58-105.
355 (7) The "Latino Community Support Restricted Account" created in Section 13-1-16.
356 (8) The Clean Air Support Restricted Account created in Section 19-1-109.
357 (9) The Division of Air Quality Oil, Gas, and Mining Restricted Account created in
358 Section 19-2a-106.
359 (10) The Division of Water Quality Oil, Gas, and Mining Restricted Account created in
360 Section 19-5-126.
361 (11) The "Support for State-Owned Shooting Ranges Restricted Account" created in
362 Section 23-14-13.5.
363 (12) Award money under the State Asset Forfeiture Grant Program, as provided under
364 Section 24-4-117.
365 (13) Funds collected from the program fund for local health department expenses
366 incurred in responding to a local health emergency under Section 26-1-38.
367 (14) The Children with Cancer Support Restricted Account created in Section
368 26-21a-304.
369 (15) State funds for matching federal funds in the Children's Health Insurance Program
370 as provided in Section 26-40-108.
371 (16) The Children with Heart Disease Support Restricted Account created in Section
372 26-58-102.
373 (17) The Nurse Home Visiting Restricted Account created in Section 26-63-601.
374 (18) The Technology Development Restricted Account created in Section 31A-3-104.
375 (19) The Criminal Background Check Restricted Account created in Section
376 31A-3-105.
377 (20) The Captive Insurance Restricted Account created in Section 31A-3-304, except
378 to the extent that Section 31A-3-304 makes the money received under that section free revenue.
379 (21) The Title Licensee Enforcement Restricted Account created in Section
380 31A-23a-415.
381 (22) The Health Insurance Actuarial Review Restricted Account created in Section
382 31A-30-115.
383 (23) The Insurance Fraud Investigation Restricted Account created in Section
384 31A-31-108.
385 (24) The Underage Drinking Prevention Media and Education Campaign Restricted
386 Account created in Section 32B-2-306.
387 (25) The Parental Coaching to Encourage Student Savings Program Restricted Account
388 created in Section 35A-3-903.
389 [
390 [
391 certain products or services, as provided in Section 35A-13-202.
392 [
393 40-6-11.
394 [
395 [
396 40-6-23.
397 [
398 41-1a-121 to the Motor Vehicle Division.
399 [
400 Account created by Section 41-3-110 to the State Tax Commission.
401 [
402 in Section 53-1-120.
403 [
404 Emergency Management, as provided in Section 53-2a-603.
405 [
406 Public Safety, as provided in Section 53-3-106.
407 [
408 Section 53-8-303.
409 [
410 [
411 [
412 53B-2a-118.
413 [
414 53B-22-202.
415 [
416 School Institutional Trust Lands Management Act, as provided under Section 53C-3-202.
417 [
418 54-5-1.5, subject to Subsection 54-5-1.5(4)(d).
419 [
420 access to an electronic reference library, as provided in Section 58-3a-105.
421 [
422 Licensing for violation of unlawful or unprofessional conduct that are used for education and
423 enforcement purposes, as provided in Section 58-17b-505.
424 [
425 access to an electronic reference library, as provided in Section 58-22-104.
426 [
427 access to an electronic reference library, as provided in Section 58-55-106.
428 [
429 access to an electronic reference library, as provided in Section 58-56-3.5.
430 [
431 Licensing for use in education and enforcement of the Security Personnel Licensing Act, as
432 provided in Section 58-63-103.
433 [
434 [
435 [
436 background check for a mortgage loan license, as provided in Section 61-2c-202.
437 [
438 background check for principal broker, associate broker, and sales agent licenses, as provided
439 in Section 61-2f-204.
440 [
441 Section 62A-1-111.
442 [
443 Children Issues Restricted Account created in Section 62A-1-202.
444 [
445 provided in Section 62A-4a-110.
446 [
447 62A-4a-608.
448 [
449 provided in Section 63G-3-402.
450 [
451 [
452 provided in Section 63H-1-504.
453 [
454 63H-7a-303.
455 [
456 63H-7a-304.
457 [
458 63H-7a-403.
459 [
460 63N-6-204.
461 [
462 [
463 Commission, as provided under Section 63N-10-301.
464 [
465 inmates, as provided in Subsection 64-13e-104(2).
466 [
467 Fire, and State Lands, as provided in Section 65A-8-103.
468 [
469 created in Section 71-14-102.
470 [
471 72-16-204.
472 [
473 fines or bonds, as provided in Section 73-3-25.
474 [
475 Section 73-23-2.
476 [
477 Subsection 78A-6-203(1)(c).
478 [
479 [
480 78B-6-141, 78B-6-144, and 78B-6-144.5.
481 [
482 Part 4, Utah Indigent Defense Commission.
483 [
484 created in Section 79-3-403.
485 [
486 State Park, and Green River State Park, as provided under Section 79-4-403.
487 [
488 disposal of buffalo, as provided under Section 79-4-1001.
489 [
490 Restricted Account created in Section 32B-2-308.
491 Section 9. Section 67-4a-801 is amended to read:
492 67-4a-801. Deposit of funds by administrator.
493 (1) (a) There is created a private-purpose trust fund entitled the "Unclaimed Property
494 Trust Fund."
495 (b) Except as otherwise provided in this section, the administrator shall deposit all
496 funds received under this chapter, including proceeds from the sale of property under Part 7,
497 Sale of Property by Administrator, in the fund.
498 (c) The fund shall earn interest.
499 (2) The administrator shall:
500 (a) pay any legitimate claims or deductions authorized by this chapter from the fund;
501 (b) before the end of the fiscal year, estimate the amount of money from the fund that
502 will ultimately be needed to be paid to claimants; and
503 (c) at the end of the fiscal year, transfer any amount in excess of that amount to the
504 Uniform School Fund, except that:
505 (i) the lessor of $1,000,000 or five percent of the excess amount shall be transferred to
506 the Parental Coaching to Encourage Student Savings Program Restricted Account created in
507 Section 35A-3-903; and
508 (ii) unclaimed restitution for crime victims shall be transferred to the Crime Victim
509 Reparations Fund.
510 (3) Before making any transfer [
511 the administrator may deduct from the fund:
512 (a) amounts appropriated by the Legislature for administration of this chapter;
513 (b) any costs incurred in connection with the sale of abandoned property;
514 (c) costs of mailing and publication in connection with any abandoned property;
515 (d) reasonable service charges; and
516 (e) costs incurred in examining records of holders of property and in collecting the
517 property from those holders.