1. (1) The board shall:

   1. (a) administer, manage, promote, and market the program;
   2. (b) seek rulings and other guidance relating to the program from the United States department of the treasury and the internal revenue service;
   3. (c) administer the program in compliance with section 529 of the Internal Revenue Code, 26 U.S.C. 529, as amended;
   4. (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;
   5. (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;
   6. (f) retain professional services, if necessary, including services of accountants, auditors, consultants, and other experts;
   7. (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;
   8. (h) adopt procedures as necessary to implement Title 15, chapter 62, including applications for participation in the program;
   9. (i) serve as trustee of the family education savings trust established in 15-62-301;
   10. (j) enter into participation agreements with account owners; and
   11. (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. (2) The definitions in 15-62-103 apply to this section.

History: En. Sec. 7, Ch. 540, L. 1997; amd. Sec. 8, Ch. 566, L. 2003; amd. Sec. 6, Ch. 549, L. 2005; amd. Sec. 10, Ch. 349, L. 2021; amd. Sec. 49, Ch. 503, L. 2021.