Commonwealth Savers Plan and Able Savings Trust Accounts

This is the 2026 edition of the code. This is the current edition. It was last updated Aug 02, 2026. Browse all editions.

This is Chapter 7 of the Code of Virginia, titled “Commonwealth Savers Plan and Able Savings Trust Accounts.” It is part of Subtitle II “Students and Campus”, which is part of Title 23.1 “Institutions of Higher Education; Other Educational and Cultural Institutions”. It contains 15 laws.

It’s comprised of the following 15 sections.

§ 23.1-700	Definitions
§ 23.1-701	Plan established; moneys; governing board
§ 23.1-702	Advisory committees to the board; membership; terms; qualifications; duties
§ 23.1-703	Chief executive officer of the Plan
§ 23.1-704	Powers and duties of the board
§ 23.1-705	Board actions not a debt of Commonwealth
§ 23.1-706	Standard of care; investment and administration of the Plan
§ 23.1-707	Prepaid tuition contracts and college and ABLE savings trust agreements
§ 23.1-707.1	Prepaid tuition contracts; pricing reserves; limitations
§ 23.1-708	Assets of the Plan exempt from taxation
§ 23.1-709	Annual report
§ 23.1-710	Forms and audit of accounts and records
§ 23.1-711	Admission to institutions not guaranteed; coverage limitations
§ 23.1-712	Payroll deductions
§ 23.1-713	Liberal construction of chapter