 |
|
6/3/2025
|
General Assembly passes LaMountain, Dawson bill to increase protections on college savings plans
|
STATE HOUSE — The General Assembly has approved legislation introduced by Sen. Matthew L. LaMountain (D-Dist. 31, Warwick, Cranston) and Rep. Matthew S. Dawson (D- Dist. 65, East Providence) that would protect college savings plans. The bill was submitted on behalf of General Treasurer James A. Diossa.
The legislation (2025-S 0730, 2025-H 5645) would protect tuition savings plans from judicial attachment irrespective of the state in which the account was opened.
“Saving for college is one of the most important things we do as parents,” said Senator LaMountain. “While Rhode Island law currently protects tuition savings programs from attachment by creditors, it only applies to accounts that were opened in Rhode Island through the Rhode Island Student Loan Authority. This legislation extends that same protection to tuition savings accounts opened in other states.”
“This bill provides equity in protecting CollegeBound 529 accounts,” said Representative Dawson. “If a parent is bankrupt and has to go through debtor proceedings, the child’s tuition assets shouldn’t be subject to those proceedings simply because they originated in another state. We should afford the same protections to everyone.”
The measure now moves to the governor’s office.
For more information, contact:
Daniel Trafford, Publicist
State House Room 20
Providence, RI 02903
(401)222-1922
|
|