This bill amends section 77-1407 of the Reissue Revised Statutes of Nebraska to enhance the Achieving a Better Life Experience (ABLE) program by providing specific protections for accounts held under the program. The key addition is the insertion of new legal language that states any amount in an ABLE account is exempt from levy, execution, judgment, garnishment, or other judicial enforcement. This means that such funds cannot be seized or used to pay any debts or liabilities of the designated beneficiary or account owner, thereby safeguarding the financial resources intended for qualified disability expenses.

Additionally, the bill outlines the structure and management of the ABLE Program Fund, the ABLE Expense Fund, and the Treasury Management Cash Fund, detailing how funds are to be credited, invested, and reported. It emphasizes that the assets of the program are to be preserved and used solely for the program's purposes, ensuring that no property rights in the program exist in favor of the state. The original section 77-1407 is repealed to incorporate these changes effectively.

Statutes affected:
Introduced: 77-1407