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 new legal language inserted into the statute 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 funds associated with the ABLE program, including the creation of the ABLE Program Fund and the ABLE Expense Fund. It specifies how funds will be credited, invested, and used for qualified disability expenses, while also detailing the responsibilities of the State Treasurer and the state investment officer in managing these funds. The original section 77-1407 is repealed, indicating a complete overhaul of the previous legal framework governing the ABLE program.

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