Title 20-A, Title 20-A

The authority may enter into a participation agreement with a participant on behalf of a beneficiary pursuant to the following terms and conditions. [PL 1997, c. 732, §4 (NEW).] 1. Periodic payments. A participation agreement may require or permit a participant to invest a specif…

The authority, with the advice of the advisory committee, may provide investment options for a participant within the program fund to the extent permitted by federal Internal Revenue Code of 1986 provisions addressing qualified tuition programs. The authority, with the advice of …

1. Cancellation. The authority may by rule establish fees and penalties applicable to early termination, overfunding of accounts or failure to use the program fund for an eligible purpose. 2. Death or disability. The authority may not levy or assess an administration refund fee o…

For all purposes of the laws of the State, the following provisions apply. [PL 1997, c. 732, §4 (NEW).] 1. Participant retains ownership. The participant retains ownership of all contributions and all program earnings credited to a participant's account under a participation agre…

The assets of the program fund, all program earnings and any income from operations are exempt from all taxation by the State or any of its political subdivisions. A deposit to any account, transfer of that account to a successor participant, designation of a successor beneficiar…

Participants and beneficiaries do not have access or rights to any assets of the authority other than program fund assets credited to the account of that participant or beneficiary. An account may not be deemed a debt or obligation of the authority or of the State.

Notwithstanding any other provision of law, including, without limitation, Title 1, chapter 13, subchapter I and Title 10, section 975‑A, the authority may provide information regarding individual participation accounts as required by federal law and laws of the state of residenc…

A participation agreement offered pursuant to this chapter is not a security as defined in Title 32, section 16102, subsection 28. The authority may obtain written advice of legal counsel or written advice from the United States Securities and Exchange Commission, or both, that t…

The authority may take any action necessary to ensure that the program complies with the federal Internal Revenue Code of 1986, Section 529, as amended, and any successor provisions and other applicable laws, rules and regulations adopted pursuant to that provision to the extent …

The Advisory Committee on Education Savings, referred to in this chapter as the "advisory committee," is created to provide advice to the authority on the operation of the program and investment of the program fund. [PL 2017, c. 474, Pt. F, §7 (AMD).] 1. Membership. The advisory …

The authority shall establish rules for the implementation of the program established by this chapter, including rules establishing fees and penalties and rules necessary to ensure treatment as a qualified tuition program for federal tax purposes. Rules adopted pursuant to this s…

This chapter must be construed liberally in order to effectuate its legislative intent.