2017 New Jersey Revised Statutes
TITLE 18A - EDUCATION
Section 18A:71B-38 - Administration of the program; powers of the authority.

18A:71B-38 Administration of the program; powers of the authority.

18A:71B-38. Administration of the Program; Powers of the Authority.

The Higher Education Student Assistance Authority shall administer the NJBEST Program. The authority shall have the power to:

a. serve as trustee of the trust;

b. adopt rules and regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), necessary to carry out the provisions of this article;

c. prescribe and provide appropriate forms for participation in the program;

d. select an investment manager and any other contractors needed to manage and market the program;

e. monitor the investment manager and any other contractors by audits and other reports;

f. collect reasonable administrative fees in connection with any contract or transaction relating to the program;

g. impose penalties for nonqualified withdrawals;

h. take all actions required so that the program is treated as a qualified State tuition program under section 529 of the federal Internal Revenue Code of 1986, 26 U.S.C.s.529; and

i. perform any other acts which may be deemed necessary or appropriate to carry out the objects and purposes of this article.

L.1999,c.46,s.1.

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