Title 53H, Title 53H: Higher Education

53H-10-204. Powers and duties of board. (1) There is created the Utah Education Savings Board of Trustees. (2) The Utah Board of Higher Education shall: appoint the members of the board as follows: not more than three members from the Utah Board of Higher Education; and at least …

53H-10-205. Account agreements. The plan may enter into account agreements with account owners on behalf of beneficiaries under the following terms and agreements: (1) An account agreement may require an account owner to agree to invest a specific amount of money in the plan for …

53H-10-206. Program, administrative, and endowment funds -- Investment and payments from funds -- Proxy voting -- State treasurer access. (1) The plan shall segregate money received by the plan into three funds, the program fund, the administrative fund, and the endowment fund. (…

53H-10-207. Cancellation of agreements. (1) Any account owner may cancel an account agreement at will. (2) If an account agreement is cancelled by the account owner, the current account balance shall be disbursed to the account owner less: an administrative refund fee, which may …

53H-10-208. Repayment and ownership of funds in the account -- Transfer of ownership rights. (1) The account owner retains ownership of funds in the account until: funds are used to pay higher education costs for the beneficiary; funds are otherwise disbursed; funds are transferr…

53H-10-209. Effect of payments on determination of need and eligibility for student aid. No student loan program, student grant program, or other program administered by any agency of the state, except as may be otherwise provided by federal law or the provisions of any specific …

53H-10-210. Annual audit of financial statements. The financial statements of the plan shall be audited annually by the state auditor or the state auditor's designee and reported in accordance with generally accepted accounting principles.

53H-10-211. Tax considerations. (1) For tax purposes the property of the plan and the plan's income are governed by Section. 59-10-201 (2) The tax commission, in consultation with the board and the plan, may adopt rules necessary to monitor and implement the tax provisions referr…

53H-10-212. Property rights to plan assets. (1) The assets of the plan, including the program fund and the endowment fund, shall at all times be preserved, invested, and expended solely and only for the purposes of the plan and shall be held in trust for the account owners and be…

53H-10-301. General provisions -- Definitions. As used in this part: (1) "529 savings account" means a tax-advantaged method of saving for higher education costs on behalf of a particular individual that: meets the requirements of Section 529, Internal Revenue Code; and is manage…

53H-10-302. Student Prosperity Savings Program. (1) There is created the Student Prosperity Savings Program. (2) The program is funded by: appropriations from the Legislature; and donations made in accordance with Section. 53H-10-303 (3) The plan shall administer the program. The…

53H-10-303. Donations to the program. (1) A person may make a donation to the program by: sending the donation to the plan; and including with the donation, direction that the donation benefit the program. A person making a donation shall include the person's name and mailing add…

53H-10-304. Distribution of program money -- Application process -- Prioritization -- Account agreements. (1) The plan shall distribute money in the program by creating a 529 savings account for an eligible individual identified by a community partner. (2) The plan shall carry ou…

53H-10-305. Application of other provisions of this chapter. The provisions of, Utah Educational Savings Plan, except Subsection, govern the 529 savings accounts established under the Student Prosperity Savings Program.

53H-10-401. General provisions -- Definitions. As used in this part: (1) "529 savings account" means the same as that term is defined in Section. 35A-9-601 (2) "Department" means the Department of Workforce Services created in Section. 35A-1-103 (3) "Match" means the same as that…

53H-10-402. Report of information to Department of Workforce Services. Within 30 days of receiving the report described in Subsection, the plan shall provide an electronic report to the department that lists: (1) the total amount of deposits: during the calendar year for which th…

53H-10-403. Deposit of match. (1) The plan shall deposit a match from the Education Savings Incentive Restricted Account, created in Section, into a 529 savings account in accordance with the provisions of Section. 35A-9-602 35A-9-605 (2) If, upon receiving a transfer described i…