20-25-902. Board -- powers and duties.
248 words·~1 min read·
/mt/title-20/chapter-25/part-9/20-25-902·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
20-25-902 . Board -- powers and duties.
(1)The board shall:
(a)administer, manage, promote, and market the program;
(b)seek rulings and other guidance relating to the program from the United States department of the treasury and the internal revenue service;
(c)administer the program in compliance with section 529 of the Internal Revenue Code, 26 U.S.C. 529, as amended;
(d)at the board's discretion, charge, impose, and collect administrative fees and service charges pursuant to any agreement, contract, or transaction relating to the program;
(e)if the board determines that contracting for program management will benefit the program, select the financial institution or institutions to act as the program manager pursuant to 15-62-203 ;
(f)retain professional services, if necessary, including services of accountants, auditors, consultants, and other experts;
(g)adopt policies for the establishment of a maximum total balance that may be held in accounts for a designated beneficiary and for providing adequate safeguards to prevent excess contributions in accordance with section 529 of the Internal Revenue Code, 26 U.S.C. 529, as amended;
(h)adopt procedures as necessary to implement Title 15, chapter 62, including applications for participation in the program;
(i)serve as trustee of the family education savings trust established in 15-62-301 ;
(j)enter into participation agreements with account owners; and
(k)maintain the program on behalf of the state as required by section 529 of the Internal Revenue Code, 26 U.S.C. 529.
(2)The definitions in 15-62-103 apply to this section.