The Vermont Statutes Online
The Statutes below include the actions of the 2024 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 3 : Executive
Chapter 020 : Vermont Baby Bond Trust
(Cite as: 3 V.S.A. § 607)-
§ 607. Accounting for designated beneficiary; claims requirements
(a) The Treasurer shall establish in the Trust an accounting for each designated beneficiary in the amount of $3,200.00. Each accounting shall include the initial amount of $3,200.00, plus the designated beneficiary’s pro rata share of total net earnings from investments of sums held in the Trust.
(b) A designated beneficiary shall become eligible to receive the total sum of the accounting under subsection (a) of this section upon the designated beneficiary’s 18th birthday and completion of a financial coaching requirement as prescribed by the Treasurer. The sum shall only be used for eligible expenditures.
(c) The Treasurer shall create a financial coaching program and materials designed to educate designated beneficiaries and others about the permissible use of funds available under this chapter.
(d) A designated beneficiary, or the designated beneficiary’s authorized representative in the case of a designated beneficiary unable to make a claim due to disability, may submit a claim for accounting until the designated beneficiary’s 30th birthday, provided the designated beneficiary is a resident of the State at the time of the claim. If a designated beneficiary dies before submitting a valid claim or fails to submit a valid claim before the designated beneficiary’s 30th birthday, the designated beneficiary’s accounting shall be credited back to the assets of the Trust.
(e) The Treasurer shall adopt rules pursuant to 3 V.S.A. chapter 25 to carry out the purposes of this section, including prescribing the process for submitting a valid claim for accounting. (Added 2023, No. 184 (Adj. Sess.), § 17, eff. July 1, 2024.)
