20-25-902. Board -- powers and duties. (1) The board shall:
     (a) retain professional services, if necessary, including services of accountants, auditors, consultants, and other experts;
     (b) seek rulings and other guidance relating to the program from the United States department of the treasury and the internal revenue service;
     (c) make changes to the program as 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, 26 U.S.C. 529, as amended;
     (d) charge, impose, and collect administrative fees and service charges pursuant to any agreement, contract, or transaction relating to the program;
     (e) select the financial institution or institutions to act as the depository and manager of the program pursuant to 15-62-203;
     (f) on the recommendation of the committee, adopt rules to prevent contributions on behalf of a designated beneficiary in excess of those necessary to pay the qualified higher education expenses of the designated beneficiaries. The rules must address the following:
     (i) procedures for aggregating the total balances of multiple accounts established for a designated beneficiary;
     (ii) the establishment of a maximum total balance that may be held in accounts for a designated beneficiary;
     (iii) requirements that persons who contribute to an account certify that to the best of their knowledge, the balance in all qualified state tuition programs, as defined in section 529 of the Internal Revenue Code, 26 U.S.C. 529, for the designated beneficiary does not exceed the lesser of:
     (A) a maximum college savings amount established by the board; or
     (B) the cost in current dollars of qualified higher education expenses that the contributor reasonably anticipates the designated beneficiary will incur;
     (iv) requirements that any excess balances with respect to a designated beneficiary be promptly withdrawn in a nonqualified withdrawal or rolled over to another account in accordance with this section; and
     (g) adopt procedures as necessary to implement Title 15, chapter 62.
     (2) The definitions in 15-62-103 apply to this section.

     History: En. Sec. 7, Ch. 540, L. 1997.