This bill amends section 77-1407 of the Reissue Revised Statutes of Nebraska to enhance the protections for accounts under the Achieving a Better Life Experience (ABLE) program. The key change is the introduction of new legal language that explicitly states that any amount in an ABLE account is exempt from levy, execution, judgment, garnishment, and other forms of judicial enforcement. This means that the funds in these accounts cannot be seized or used to pay off debts or liabilities of the account's designated beneficiary or owner.

Additionally, the bill outlines the structure and management of the ABLE program funds, including the creation of the ABLE Program Fund and the ABLE Expense Fund, which will be used to manage contributions and cover operational costs, respectively. The State Treasurer is tasked with overseeing these funds, ensuring they are invested appropriately, and reporting on financial activities related to the program. The original section of the statute is repealed to incorporate these updates and clarifications.

Statutes affected:
Introduced: 77-1407
Final Reading: 77-1407
Slip Law: 77-1407