Relating to: creating a baby bond program and baby bond fund, granting rule-making authority, and making an appropriation. (FE)

Summary

The bill establishes a statewide baby bond fund that automatically opens a $3,000 account for each child whose mother meets an income test at birth. The Department of Financial Institutions will manage the fund, invest its assets, and distribute the full balance when the child turns 18, provided they complete a financial‑literacy course and use the money for approved expenses. It also allows donations, sets confidentiality rules, and prevents the bond balance from affecting eligibility for other need‑based programs.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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