(a) It is the goal of STATE to expand access and use of college savings accounts which allow families to save for higher education and are proven to improve college matriculation, decrease debt, and help make college affordable.

(b) Accordingly, within 200 days of passage of this Act, DEPARTMENT is directed to expand access and use of college savings accounts in STATE by:

(i) Reviewing other state programs such as those in Pennsylvania, Nevada, Rhode Island, and Massachusetts that are using private and foundation funding to seed college savings accounts for all children;

(ii) Evaluating what foundations or other private funders have funded such programs and contacting them and related organizations to evaluate options for seeding college savings accounts in STATE;

(iii) Ensuring appropriate consideration of the fees charged for management of college savings accounts and appropriately protect the assets families may contribute into such accounts;

(iv) Identifying at least two possible opportunities to establish universal seed funding of college savings accounts in state, and enacting such a program if DEPARTMENT is authorized to enact such a program and it meets the goals outlined in this Act, or else reporting to the Governor, Legislature, and publicly on its website what legislative or other steps are required to enact such a program;

(v) Evaluating whether STATE currently allows taxpayers to elect to contribute a portion of their tax refund automatically into college savings accounts and if not, what steps would be required to allow that; and

(vi) Reporting on its findings in each of the above areas within one year of passage of this Act to the Governor, Legislature, and publicly on DEPARTMENT’s website.