College Savings Enhancement Act of 2013

College Savings Enhancement Act of 2013 - Directs the Securities and Exchange Commission (SEC) to revise specified regulations so as to include: (1) qualified prepaid tuition programs under the definition of a qualified institutional buyer (with respect to private resales of securities to institutions), and (2) as accredited investors any qualified prepaid tuition programs whose total assets exceed $5 million (with respect to Regulation D, governing the limited offer and sale of securities without registration under the Securities Act of 1933).

Defines, for purposes of such revisions, a "qualified prepaid tuition program" as a qualified tuition program (under which a person may purchase tuition credits or certificates on behalf of a designated beneficiary which entitle the beneficiary to the waiver or payment of the beneficiary's qualified higher education expenses), which is established and maintained by a state or state agency or instrumentality that satisfies certain other requirements of the Internal Revenue Code.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3029 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 3029

  To direct the Securities and Exchange Commission to revise certain 
  rules relating to the status of qualified prepaid tuition programs 
                       under the securities laws.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 2, 2013

 Mr. Hurt (for himself and Mr. Delaney) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To direct the Securities and Exchange Commission to revise certain 
  rules relating to the status of qualified prepaid tuition programs 
                       under the securities laws.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``College Savings Enhancement Act of 
2013''.

SEC. 2. STATUS OF QUALIFIED PREPAID TUITION PROGRAMS.

    (a) Revision of Rules.--Not later than 270 days after the date of 
enactment of this Act, the Securities and Exchange Commission shall 
revise its regulations contained in--
            (1) section 230.144A(a)(1) of title 17, Code of Federal 
        Regulations, to include qualified prepaid tuition programs 
        under the definition of a qualified institutional buyer; and
            (2) section 230.501 of such title, to include qualified 
        prepaid tuition programs that have total assets in excess of 
        $5,000,000 as accredited investors.
    (b) Qualified Prepaid Tuition Program Defined.--For purposes of the 
revisions required by subsection (a), the term ``qualified prepaid 
tuition program'' means a qualified tuition program (as defined in 
section 529(b)(1)(A)(i) of the Internal Revenue Code of 1986 (26 U.S.C. 
529(b)(1)(A)(i))) established and maintained by a State or agency or 
instrumentality of a State, and that satisfies the other requirements 
of such section 529.
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