2004: New CGA legislation is pending, having been filed in the named state legislatures in January, 2004 (in AZ, HI and NY). (Details available on state page, click on state's name below.)
ARIZONA - NEW possible legislation: Provides for stringent list of disclosures to be made to donor before acceptance of CGA gift. AZ House Bill 2228 filed January, 2004.
HAWAII - NEW possible legislation: Senate Bill 3049 (filed January, 2004, Amended / substituted 3-24-04) will repeal requirement to have $5 million in net worth before accepting a CGA gift. Charity must maintain a segregated annuity reserve fund sufficient for annuities attributable to the fund, that is inaccessible to organization and creditors and fund subject to regulation by HI Insurance Commissioner. Charity must still have been doing business in Hawaii for at least 10 years.
NEW YORK - NEW possible legislation: House Bill 10286 filed March 22, 2004 provides for the acceptance by a charity of real property by using the words "cash and other property" for a CGA.