The bill amends the Arkansas Brighter Future Fund Plan Act to allow nonprofit organizations to contribute to both new and existing accounts within the fund. It expands the definition of "account owner" to include nonprofit organizations, thereby enabling them to select or change designated beneficiaries and manage account distributions. Additionally, the definition of "contributor" is updated to encompass contributions made by nonprofit organizations, and a new definition for "nonprofit organization" is introduced, specifying that it refers to charitable organizations exempt from taxation under 26 U.S.C. 501(c)(3).

Furthermore, the bill outlines the process for nonprofit organizations to establish accounts for designated beneficiaries or groups of beneficiaries. It mandates that these organizations present an option for the parent or guardian of the designated beneficiary to decline the account and any contributions. The Treasurer of State is tasked with creating a system to collect necessary personally identifiable information for account establishment while ensuring the confidentiality of this information and account details.

Statutes affected:
SB 422: 6-84-103(2), 6-84-103(7), 6-84-103, 6-84-107(a)