[§256B-3] Functions and powers of the director of finance. (a) The director shall implement and administer the program under the terms and conditions established by this chapter and in conformity with federal law including the Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014, Division B of P.L. 113-295, as it may be amended. The director shall have the authority and responsibility to:
(b) The director may enter into agreements with other states to either allow residents of the State to participate in a comparable program operated by another state or allow residents of other states to participate in the Hawaii ABLE savings program.
(c) The director may implement the program through use of financial organizations as account depositories and managers. The director may solicit proposals from financial organizations to act as depositories and managers of the program. Financial organizations that submit proposals shall describe the investment instruments which will be held in accounts. The director may select more than one financial organization and investment instrument for the program. The director shall select as program depositories and managers the financial organization or organizations, from among the bidding financial organizations, that demonstrate the most advantageous combination, both to potential program participants and the State, of the following factors:
(d) The director may enter into contracts and agreements with a financial organization or organizations necessary to implement this chapter. [L 2015, c 206, pt of §2]