By: Zwiener H.B. No. 100       A BILL TO BE ENTITLED   AN ACT   relating to the creation of a universal higher education savings   trust account by the Prepaid Higher Education Tuition Board.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 54.701(10), Education Code, is amended   to read as follows:                (10)  "Savings trust account" means an account   established through the plan by an individual or the board under   this subchapter on behalf of a beneficiary in order to apply   distributions from the account toward qualified higher education   expenses at eligible educational institutions.          SECTION 2.  Subchapter G, Chapter 54, Education Code, is   amended by adding Section 54.7071 to read as follows:          Sec. 54.7071.  UNIVERSAL SAVINGS TRUST ACCOUNT. (a) From   money available for the purpose, the board shall open a universal   savings trust account to save money for the payment of the qualified   higher education expenses of each child born in this state.          (b)  For purposes of this subchapter, the board is the owner   of the universal savings trust account. Except as provided by   Subsection (d), each child born in this state on or after September   1, 2023, is a beneficiary of the account.          (c)  Except as provided by Subsection (d), on receipt of   notice regarding the birth of a child in this state from the   Department of State Health Services under Section 191.011, Health   and Safety Code, the board shall deposit $100 in the universal   savings trust account on behalf of the child.          (d)  The parent or legal guardian of a child born in this   state may opt out of the contribution to the universal savings trust   account on the child's behalf under Subsection (c) by submitting a   written request to the board.          (e)  The board shall distribute money in the universal   savings trust account to a beneficiary of the account in accordance   with board rule.          (f)  The board shall develop and implement an outreach   program to inform parents and legal guardians of children born in   this state regarding the universal savings trust account and the   right to opt out of the contribution to the account under Subsection   (d).          SECTION 3.  Section 54.709(d), Education Code, is amended to   read as follows:          (d)  A savings trust agreement must provide that, if after a   specified period the savings trust agreement has not been   terminated and the beneficiary's rights in the account have not   been exercised, the board, after making reasonable efforts to   contact the owner and beneficiary of the account or their agents,   shall:                (1)  report the unclaimed money in the account to the   comptroller; or                (2)  if the account is the universal savings trust   account opened under Section 54.7071, withdraw from the account the   money attributable to the beneficiary and deposit the money in the   general revenue fund.          SECTION 4.  Subchapter A, Chapter 191, Health and Safety   Code, is amended by adding Section 191.011 to read as follows:          Sec. 191.011.  BIRTH INFORMATION FOR PREPAID HIGHER   EDUCATION TUITION BOARD. (a)  The department shall implement an   efficient and effective method to inform the Prepaid Higher   Education Tuition Board regarding the birth of a child in this state   as necessary for the board to administer the universal savings   trust account under Section 54.7071, Education Code.          (b)  The department shall enter into a memorandum of   understanding with the Prepaid Higher Education Tuition Board to   implement this section.          SECTION 5.  This Act takes effect September 1, 2024.