US Laws, Codes, Statutes & Cases

                                  TITLE  33
                                  EDUCATION
                                  CHAPTER 54
                           COLLEGE SAVINGS PROGRAM
    33-5402.  STATE COLLEGE SAVINGS PROGRAM BOARD -- COLLEGE SAVINGS PROGRAM
-- POWERS AND DUTIES. There is hereby created the state college savings
program board. The board shall consist of the state treasurer or his designee
who shall serve as chair, the governor or designee, the state controller or
designee, the attorney general or designee, the superintendent of public
instruction or designee, and the secretary of state or designee. A quorum
shall be necessary to transact business. Members of the board shall be
compensated by their appointing entity. The state college savings program
board shall:
    (1)  Develop and implement the program in a manner consistent with this
chapter through the adoption of rules, guidelines and procedures;
    (2)  Retain professional services, if necessary, including accountants,
auditors, consultants and other experts;
    (3)  Seek rulings and other guidance from the United States department of
the treasury, the internal revenue service and the state tax commission
relating to the program;
    (4)  Make changes to the program required for the participants in the
program to obtain the federal income tax benefits or treatment provided by
section 529 of the Internal Revenue Code of 1986, as amended.
    (5)  Interpret, in rules, policies, guidelines and procedures, the
provisions of this chapter broadly in light of its purpose and objectives;
    (6)  Charge, impose and collect administrative fees and service charges in
connection with any agreement, contract or transaction relating to the
program;
    (7)  Select the financial institution or institutions to act as the
depository and manager of the program in accordance with this chapter.