Section 1 Short title
This Act may be cited as the “College Savings Enhancement Act of 2013”.
College Savings Enhancement Act of 2013
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.
Sec. 2 Status of qualified prepaid tuition programs
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—
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
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.
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.