(a) A management contract shall include, at a minimum, terms requiring the financial organization to:(1) take any action required to keep the program in compliance with the requirements of this Part and take any action not contrary to the management contract to qualify as a qualified ABLE program as defined in § 529A of the Internal Revenue Code of 1986, as amended;(2) keep accurate records of each account, keep each account segregated from other accounts, and provide the Commissioner with the information necessary to prepare the statements required by § 5-496 of this Part;(3) compile total information contained in statements required to be prepared under § 5-496 of this Part, and provide the compilations to the Commissioner;(4) if there is more than one (1) program manager, provide the Commissioner with the information necessary to determine compliance with § 5-496 of this Part;(5) provide the Commissioner with access to the books and records of the program manager to the extent needed to determine compliance with the contract, this Part, and § 529A of the Internal Revenue Code of 1986, as amended;(6) hold all accounts for the benefit of the account owner or owners;(7) be audited every 2 years by a firm of certified public accountants selected by the program manager, with the consent of the Commissioner and provide the results of the audit to the Commissioner. An audit shall be conducted of the operations and financial position of the program manager at any time if the Commissioner has any reason to be concerned about the financial position, the record-keeping practices, or the status of accounts of the program manager; and(8) provide the Commissioner with copies of all regulatory filings and reports made by the financial organization during the term of the management contract or while the financial organization is holding any accounts, other than confidential filings or reports that will not become part of the program. The program manager shall make available for review by the Commissioner the results of any periodic examination of the program manager by any state, territory or federal banking, insurance, or securities commission, except to the extent that the report or reports may not be disclosed under law; and(9) ensure that any description of the program, whether in writing or through the use of any media, is consistent with a marketing plan developed pursuant to this Part.
(1) take any action required to keep the program in compliance with the requirements of this Part and take any action not contrary to the management contract to qualify as a qualified ABLE program as defined in § 529A of the Internal Revenue Code of 1986, as amended;
(2) keep accurate records of each account, keep each account segregated from other accounts, and provide the Commissioner with the information necessary to prepare the statements required by § 5-496 of this Part;
(3) compile total information contained in statements required to be prepared under § 5-496 of this Part, and provide the compilations to the Commissioner;
(4) if there is more than one (1) program manager, provide the Commissioner with the information necessary to determine compliance with § 5-496 of this Part;
(5) provide the Commissioner with access to the books and records of the program manager to the extent needed to determine compliance with the contract, this Part, and § 529A of the Internal Revenue Code of 1986, as amended;
(6) hold all accounts for the benefit of the account owner or owners;
(7) be audited every 2 years by a firm of certified public accountants selected by the program manager, with the consent of the Commissioner and provide the results of the audit to the Commissioner. An audit shall be conducted of the operations and financial position of the program manager at any time if the Commissioner has any reason to be concerned about the financial position, the record-keeping practices, or the status of accounts of the program manager; and
(8) provide the Commissioner with copies of all regulatory filings and reports made by the financial organization during the term of the management contract or while the financial organization is holding any accounts, other than confidential filings or reports that will not become part of the program. The program manager shall make available for review by the Commissioner the results of any periodic examination of the program manager by any state, territory or federal banking, insurance, or securities commission, except to the extent that the report or reports may not be disclosed under law; and
(9) ensure that any description of the program, whether in writing or through the use of any media, is consistent with a marketing plan developed pursuant to this Part.
(b) The Commissioner may terminate or not renew a management agreement. If the Commissioner terminates or does not renew a management agreement, the Commissioner shall take custody of accounts held by the program manager and shall seek to promptly transfer the accounts to another financial organization that is selected as a program manager and into investment instruments as similar to the original instruments as possible.
(c) The Bureau of Internal Revenue, the Department of Health and Human Services, and the ADA Coordinator are authorized to exchange data regarding eligible individuals to carry out the purposes of this Part.
(d) The Department shall include in its annual budget covering the operating and administrative expenses of the Program. Expenses incurred by the Program and the Department must be paid from Program fees and charges or from other available funds.