Governor Newsom signs Wieckowski ScholarShare bill to protect higher education savings accounts
Governor Gavin Newsom today signed a bill by Senator Bob Wieckowski (D-Fremont) to protect ScholarShare 529 savings accounts from creditors in bankruptcy cases, giving families hard hit financially by the COVID 19 pandemic some much-needed security. The bill, SB 898, is sponsored by California State Treasurer Fiona Ma.
SB 898 exempts the state ScholarShare 529 plan from creditors in bankruptcy cases and sets the exemption amount maximum at $15,000 in the first and second year prior to filing for bankruptcy.
Return to 529 News centerSB 898 exempts the state ScholarShare 529 plan from creditors in bankruptcy cases and sets the exemption amount maximum at $15,000 in the first and second year prior to filing for bankruptcy.