The Nevada Constitution requires the State Treasurer to perform such duties as may be prescribed by law. (Nev. Const. Art. 5, § 22) Section 8 of this bill: (1) establishes the Nevada Baby Bonds Program and the Nevada Baby Bonds Trust Fund; and (2) requires the State Treasurer to administer the Program and Trust Fund. Sections 6 and 7 of this bill, respectively, define the terms “Program” and “Trust Fund.” Section 9 of this bill requires the State Treasurer to, within the limits of money made available for this purpose, credit $3,200 in the Trust Fund to each designated beneficiary. If the money available in the Trust Fund is insufficient to cover all designated beneficiaries for a particular year, section 9 requires the State Treasurer to: (1) determine the appropriate number of designated beneficiaries for whom money is available; and (2) select by lottery the designated beneficiaries who will receive a credit of $3,200 in the Trust Fund. Section 4 of this bill defines a “designated beneficiary” to mean a natural person born in this State on or after January 1, 2024, whose birth was subject to medical coverage provided under Medicaid or the Children's Health Insurance Program. Sections 3 and 5 of this bill, respectively, define the terms “Children's Health Insurance Program” and “Medicaid.” Section 9 of this bill authorizes a designated beneficiary to submit a claim to the State Treasurer to receive money credited to the designated beneficiary in the Trust Fund if the designated beneficiary: (1) is at least 18 but less than 30 years of age; (2) has been a resident of this State for at least the 12 months immediately preceding the submission of the claim; (3) attests that he or she will use the money for certain purposes; and (4) has successfully completed a course in financial literacy approved by the State Treasurer. Section 10 of this bill requires the State Treasurer to provide an annual statement to each designated beneficiary which includes certain information. Section 11 of this bill provides that, with certain exceptions, any money deposited into the Trust Fund must not be used to calculate the personal assets of a designated beneficiary for purposes of determining eligibility of the designated beneficiary for: (1) any disability, medical or other health benefits administered by this State; or (2) any student loan program, student grant program or other student financial aid program administered by this State. Section 12 of this bill: (1) sets forth certain requirements and limitations on the State Treasurer in investing and reinvesting the money in the Trust Fund; and (2) authorizes the State Treasurer to enter into certain contracts and procure insurance for the Trust Fund, apply for, accept and expend any gifts, grants and donations and take any other action necessary to carry out the provisions of law related to the Program. Sections 13 and 15 of this bill provide, with certain exceptions, that all information about a designated beneficiary which is contained in a record or file in the possession, control or custody of the State Treasurer is confidential. Section 14 of this bill authorizes the State Treasurer to adopt any regulations necessary to carry out the provisions of law relating to the Program, including, without limitation, requirements relating to the course in financial literacy for designated beneficiaries required by section 9. Section 16 of this bill makes an appropriation to the Nevada Baby Bonds Trust Fund.

Statutes affected:
As Introduced: 239.010
Reprint 1: 239.010
Reprint 2: 239.010
BDR: 239.010