Sec. 2. Status of qualified prepaid tuition programs
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Not later than 270 days after the date of enactment of this Act, the Securities and Exchange Commission shall revise its regulations contained in— section 230.144A(a)(1) of title 17, Code of Federal Regulations, to include qualified prepaid tuition programs under the definition of a qualified institutional buyer; and section 230.501 of such title, to include qualified prepaid tuition programs that have total assets in excess of $5,000,000 as accredited investors. For purposes of the revisions required by subsection (a), the term qualified prepaid tuition program means a qualified tuition program (as defined in section 529(b)(1)(A)(i) of the Internal Revenue Code of 1986 ( 26 U.S.C. 529(b)(1)(A)(i) )) established and maintained by a State or agency or instrumentality of a State, and that satisfies the other requirements of such section 529.
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Sec. 2
Status of qualified prepaid tuition programs
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