The bill authorizes the State Fair Park Board to promulgate rules governing
the use of State Fair Park. Under current law, the board may not promulgate rules
unless a law specifically authorizes the board to do so.
Bonding for soil and water resource management
The bill increases the general obligation bonding authority for the soil and
water resource management program by $7,000,000. The program, which is
administered by DATCP, awards grants to counties to help fund their land and water
conservation activities.
Appropriation limit for the producer-led watershed protection grant
program
DATCP administers the producer-led watershed protection grant program,
which provides grants to groups of farmers in the same watershed to implement
nonpoint source pollution abatement activities. Under current law, DATCP may not
allocate more than $750,000 per fiscal year for this program. The bill increases that
maximum amount to $1,000,000.
Transfer of funds
The bill transfers $466,500 in fiscal year 2021-22 from the general fund to the
DATCP appropriation used for dog licensing, rabies control programs, and other
related services.
Commerce and economic development
Business organization and financial institutions
Implementation by DFI of section 529A ABLE savings account program
The bill requires DFI to implement a qualified ABLE program under section
529A of the Internal Revenue Code allowing tax-exempt accounts for qualified
expenses incurred by individuals with disabilities.
Under current federal law, states may create a qualified Achieving a Better Life
Experience program under which an individual may establish a tax-exempt savings
account to pay for qualified expenses, such as education, housing, and transportation
costs, for a beneficiary who is an individual with disabilities, as defined under federal
law. Although these accounts, commonly referred to as “ABLE accounts” or “section
529A accounts,” cannot be established under this state's law, they can be established
under another state's law, and if so established, withdrawals from these accounts for
payment of qualified disability expenses for the account beneficiary are exempt from
taxation in this state.
The bill requires DFI to implement and administer a qualified ABLE program,
either directly or by entering into an agreement with another state or alliance of
states to establish an ABLE program or otherwise administer ABLE program
services for the residents of this state. DFI must, within approximately nine months,
determine whether implementing the ABLE program directly or by entering into an
agreement is the best option for this state's residents. If DFI enters into an
agreement, the agreement may require the party contracting with DFI to do any of
the following: 1) develop and implement an ABLE program in accordance with all
requirements under federal law and modify the ABLE program as necessary for
participants to qualify for federal income tax benefits; 2) contract for professional
and technical assistance and advice in developing marketing plans and promotional
materials to publicize the ABLE program; 3) work with organizations with expertise
in supporting people with disabilities and their families in administering the
agreement and ensuring accessibility of the ABLE program for people with
disabilities; or 4) take any other action necessary to implement and administer the
ABLE program. The bill also requires DFI to provide on its website information
concerning ABLE accounts.
Children's savings and investment program
The bill requires DFI to collaborate with one or more philanthropic
organizations to develop a statewide children's savings and investment program,
funded and administered by the philanthropic organization or organizations. The
program must allow the balance of an account established under the program to be
transferred to a College Savings Program (commonly known as Edvest) account.
Fees for licensed securities industry participants
The bill increases certain securities-related fees paid to DFI.
Current law generally requires a securities broker-dealer and a person who
represents a broker-dealer or issuer in securities transactions (securities agent) to
be licensed, and generally requires an investment adviser and an investment adviser
representative to be licensed, before transacting business in this state.
Broker-dealers and investment advisers must pay to DFI initial and renewal license
fees of $200. Securities agents and investment adviser representatives must pay to
DFI initial and renewal license fees of $80. Although an investment adviser
registered with the federal Securities and Exchange Commission (federal covered
adviser) is not required to be licensed by DFI, it must pay to DFI an initial and
renewal notice filing fee of $200. In addition, broker-dealers and investment
advisers, including federal covered advisers, that maintain a branch office in this
state must pay a filing fee of $80 for each branch office.
The bill increases each of these fees, from $200 to $300 and from $80 to $100.
Notary public application fees
Under current law, any U.S. resident who is licensed to practice law in this state
is entitled to a permanent commission as a notary public upon application to DFI and
payment of a $50 fee. In addition, any U.S. resident who is at least 18 years of age
and who is not an attorney may file an application with DFI for a four-year
appointment as a notary public and must pay a $20 application fee. The bill increases
the application fee for attorneys from $50 to $100 and increases the application fee
for nonattorneys from $20 to $40.
Information related to public service loan forgiveness programs
The bill requires DFI to collect, maintain, and make available information
regarding student loan forgiveness programs available to employees of the state or
a local unit of government.
Worker misclassification information
The bill requires DFI to provide informational materials and resources on
worker misclassification to each person who files with DFI documents forming a
business corporation, nonstock corporation, limited liability company, limited
liability partnership, or limited partnership.
New DFI appropriations
The bill creates the following DFI appropriations: 1) a program revenue
appropriation that allows DFI to expend federal moneys received by DFI for the
purposes for which the federal moneys were received; and 2) a program revenue
appropriation that allows DFI to expend moneys received by DFI from other state
agencies or from within DFI for the purpose of administering programs or projects
for which the moneys were received.
Commerce
Changing the minimum age for cigarettes, tobacco products, and nicotine
products; imposing a minimum age for vapor products