The 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. It establishes that funds contributed to the program will be held in trust by the State Treasurer and outlines the creation of three distinct funds: the ABLE Program Fund, the ABLE Expense Fund, and the Treasury Management Cash Fund. The bill also details the management and investment of these funds, ensuring that they are used solely for the purposes of the program and for the benefit of designated beneficiaries.

A significant addition to the law is the insertion of language that explicitly exempts any amount in an ABLE account 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 account's owner or designated beneficiary. The bill also repeals the original section 77-1407, thereby updating the legal framework governing the ABLE program to reflect these changes.

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