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2022 SESSION
SB 64 Proceeds of compromise agreements; investment in college savings trust accounts for minors.
Introduced by: Scott A. Surovell | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
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.
FULL TEXT
- 01/03/22 Senate: Prefiled and ordered printed; offered 01/12/22 22100154D pdf | impact statement
- 03/03/22 Senate: Bill text as passed Senate and House (SB64ER) pdf | impact statement
- 04/11/22 Governor: Acts of Assembly Chapter text (CHAP0535) pdf
HISTORY
- 01/03/22 Senate: Prefiled and ordered printed; offered 01/12/22 22100154D
- 01/03/22 Senate: Referred to Committee on the Judiciary
- 01/19/22 Senate: Reported from Judiciary (14-Y 0-N)
- 01/21/22 Senate: Constitutional reading dispensed (37-Y 0-N)
- 01/24/22 Senate: Read second time and engrossed
- 01/25/22 Senate: Read third time and passed Senate (40-Y 0-N)
- 02/22/22 House: Placed on Calendar
- 02/22/22 House: Read first time
- 02/22/22 House: Referred to Committee for Courts of Justice
- 02/22/22 House: Assigned Courts sub: Subcommittee #2
- 02/23/22 House: Subcommittee recommends reporting (8-Y 0-N)
- 02/25/22 House: Reported from Courts of Justice (20-Y 0-N)
- 02/28/22 House: Read second time
- 03/01/22 House: Read third time
- 03/01/22 House: Passed House BLOCK VOTE (100-Y 0-N)
- 03/01/22 House: VOTE: Block Vote Passage (100-Y 0-N)
- 03/03/22 Senate: Enrolled
- 03/03/22 Senate: Bill text as passed Senate and House (SB64ER)
- 03/03/22 House: Signed by Speaker
- 03/04/22 Senate: Signed by President
- 03/11/22 Senate: Enrolled Bill Communicated to Governor on March 11, 2022
- 03/11/22 Governor: Governor's Action Deadline 11:59 p.m., April 11, 2022
- 04/11/22 Governor: Approved by Governor-Chapter 535 (effective 7/1/22)
- 04/11/22 Governor: Acts of Assembly Chapter text (CHAP0535)