Proceeds of compromise agreements; investment in college savings trust accounts for minors. (SB64)

Introduced By

Sen. Scott Surovell (D-Mount Vernon)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Proceeds of compromise agreements; minors; investment in college savings trust accounts. Permits a court to direct the payment of the proceeds of an approved compromise agreement, in the case of damage to the person or property of a minor, by investment in a college savings trust account for which the minor is the beneficiary pursuant to a college savings trust agreement with the Virginia College Savings Plan, provided that (i) the investment options pursuant to such agreement are restricted to target enrollment portfolios; (ii) the order or decree approving and confirming the compromise requires the minor beneficiary's parent, as that term is defined in relevant law, to act as the custodian of the account; and (iii) except in the case of a distribution from the account to be applied toward the minor beneficiary's qualified higher education expenses, as that term is defined in relevant federal law, the order or decree approving and confirming the compromise prohibits the minor beneficiary's parent from making any transfer, withdrawal, termination, or other account transaction unless the court provides prior approval pursuant to a written order. Read the Bill »

Status

01/25/2022: Passed the Senate

History

DateAction
01/03/2022Prefiled and ordered printed; offered 01/12/22 22100154D
01/03/2022Referred to Committee on the Judiciary
01/16/2022Impact statement from DPB (SB64)
01/19/2022Reported from Judiciary (14-Y 0-N) (see vote tally)
01/21/2022Constitutional reading dispensed (37-Y 0-N) (see vote tally)
01/24/2022Read second time and engrossed
01/25/2022Read third time and passed Senate (40-Y 0-N) (see vote tally)

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