Bill > SB0312

This bill amends Tennessee law to establish new requirements for how the state department responsible for children in care manages federal funds received on behalf of those children. Specifically, when the department serves as a representative payee for federal funds, it must conserve those funds for the child's future needs or use them for special needs services not otherwise provided. The department is given discretion to hold these funds in various financial vehicles like trusts, 529 plans, or special needs accounts, with the primary goal of supporting the child's long-term well-being. The bill mandates that the department maintain detailed records of how these funds are managed, which must be made available to the child's attorney, the child themselves once they turn 18, and the child's guardian if they are no longer in departmental custody. Importantly, the bill stipulates that these funds cannot be used to reimburse the department for the costs of caring for the child, and the department may only use a reasonable portion of interest earnings to offset administrative expenses. The legislation is set to take effect on July 1, 2025, and aims to provide more transparent and beneficial financial management for children in state care.

Budget and Finance, Justice

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0312&ga=114