TO ALLOW NONPROFIT ORGANIZATIONS TO CONTRIBUTE TO A NEW OR EXISTING ARKANSAS BRIGHTER FUTURE FUND PLAN ACCOUNT; AND TO REQUIRE THE TREASURER OF STATE TO FACILITATE CONTRIBUTIONS BY A NONPROFIT ORGANIZATION.

SB 422 amends Arkansas's Brighter Future Fund Plan to allow 501(c)(3) nonprofit organizations to contribute to education savings accounts for individuals or groups of beneficiaries. The bill requires the State Treasurer to create a system for nonprofits to establish accounts, including obtaining necessary personal information while protecting confidentiality. Nonprofits must provide parents or guardians of minor beneficiaries the option to decline an account. This change expands who can contribute to the existing savings plan, directly affecting nonprofits and the beneficiaries they support.