A BILL for an Act to create and enact a new chapter to title 15.1 of the North Dakota Century Code, relating to an education savings account program.
What changed between versions
The amount the Bank of North Dakota must deposit into education savings accounts was reduced from 80% to 60% of the allocated dollar amount.
The requirement for school districts to receive 20% of the allocated funds and forward them to the Bank of North Dakota was removed from the text.
Educational therapy services, including occupational, behavioral, physical, speech-language, and audiology therapy from licensed providers, are now qualifying expenses.
Upon graduation, funds can now be transferred to a North Dakota education savings plan under section 6-09-38.
The definition of 'Administrator' was changed from an organization designated to implement the chapter to one designated to assist in implementation.
A specific deadline was added requiring the Bank of North Dakota to make deposits by July fifteenth of each year.