The Act establishes ABLE savings trust accounts to be administered by the Virginia College Savings Plan to facilitate the saving of private funds for paying the qualified disability expenses of certain disabled individuals. Under the federal Achieving a Better Life Experience Act of 2014, Congress authorized states to establish ABLE savings trust accounts to assist individuals and families in saving and paying for the education, housing, transportation, employment training and support, assistive technology and personal support services, health, prevention and wellness, financial management and administrative services, and other expenses of individuals who were disabled or blind prior to the age of 26. Earnings on contributions to ABLE savings trust accounts are exempt from federal income tax. Because Virginia conforms to the federal income tax laws, earnings on contributions to ABLE savings trust accounts will also be excluded from Virginia taxable income.

The Uniform Voidable Transactions Act (UVTA), formerly named the Uniform Fraudulent Transfer Act (UFTA), strengthens creditor protections by providing remedies for certain transactions by a debtor that are unfair to the debtor’s creditors. The 2014 amendments to the UVTA address a small number of narrowly-defined issues, and are not a comprehensive revision of the act. The Uniform Fraudulent Transfer Act was promulgated in 1984 and has been enacted by 43 states, the District of Columbia, and the U.S. Virgin Islands as of 2014. The act replaced the very similar Uniform Fraudulent Conveyance Act, which was promulgated in 1918 and remains in force in two states as of 2014.

The U.S. Securities and Exchange Commission has not yet finalized rules governing “general solicitation” for the purpose of equity crowdfunding. As such, several states have implemented their own regulatory guidelines governing intrastate crowdfunding.

The U.S. Export-Import Bank may receive a new breath of life after a small group of Republicans joined Democrats in filing a discharge petition Oct. 9 to force a vote in the U.S. House of Representatives that would renew the bank’s charter.

More than 40 states considered legislation in 2015 aimed at allowing or regulating rideshare companies such as Uber and Lyft. While many of these bills served to enforce standards already in place at these companies, others add additional requirements. During this free eCademy webcast, Dr. Kim Staking of California State University reviews the 2015 legislative, regulatory and insurance landscape for rideshare companies and look at what may lie ahead in 2016. A follow-up to a June webinar, this webcast is part of a collaboration between CSG and the Griffith Insurance Education Foundation to inform state officials on these issues, while maintaining a commitment to an unbiased, nonpartisan and academic approach to programming.

The U.S. Export-Import Bank may receive a new breath of life after a small group of Republicans joined Democrats in filing a discharge petition Oct. 9 to force a vote in the U.S. House of Representatives that would renew the bank’s charter.

Crowdfunding has been used to finance a vast assortment of projects in the last few years, but federal regulators have been slow to implement the sections of the JOBS act that allow most individuals to invest in startups financed by equity crowdfunding. In response, states have passed laws allowing companies to create crowdfunding platforms that cater to investors and entrepreneurs within the same state.

The crowdfunding industry in the United States has expanded rapidly in the last few years, growing from $2.7 billion in 2012 to an estimated $34.4 billion in 2015.  This growth has been driven by the expansion of online crowdfunding platforms that facilitate interaction between companies and potential investors.  Although the US JOBS act sought to regulate crowdfunding in 2012,...

During a recent CSG eCademy webcast, “Rideshare Companies: Insurance and Regulatory Issues for States,” Staking discussed insurance coverage and the risks associated with rideshare services, which he also referred to as transportation network companies. The webcast was part of a collaboration between CSG and The Griffith Insurance Education Foundation.

April is Financial Literacy Month. On Friday, April 24, Financial Services Institute—a CSG Associate member—is sponsoring Financial Literacy Day on Capitol Hill. Since its 2003 inception, Financial Literacy Day has united members of Congress and other public officials with financial literacy organizations in support of financial education policy. According to Money Management International, Americans are crippled by more than $2 trillion in consumer debt, and the American Bankruptcy Institute reported that there were more than one million nonbusiness bankruptcy filings in 2013.

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