Relating to: creating a baby bond program and baby bond fund, granting rule-making authority, and making an appropriation. (FE)

AB 1022 establishes a "baby bond program" that creates a state trust fund to provide financial support for newborns. The bill requires sharing birth record information (excluding Social Security numbers) with the Department of Financial Institutions, which opens a baby bond account for each eligible child at birth. Funds in the account can be used later for specific eligible expenses like postsecondary education, home purchases, business startup, or retirement savings (as defined in §224.58). The program is funded through an annual $150,000 state appropriation, donations, and investment earnings from the baby bond fund. It directly affects all newborns in the state whose birth records are processed under the new requirements.