§ 21-9-7-1 — Powers of board

Indiana § 21-9-7-1

• Jurisdiction: Indiana
• Title 21: HIGHER EDUCATION
• Art. 9: EDUCATION SAVINGS PROGRAMS
• Ch. 7: Indiana Family College Savings Programs

Text

In addition to any other powers granted by this
article, the board has all powers necessary or convenient to carry out
and effectuate the purposes and objectives of this chapter and IC 21-9-8, the purposes and objectives of an education savings program
that may be established under this article, and the powers delegated by
other laws or executive orders, including the following:
(1) To establish policies and procedures to govern distributions
from accounts that are not:
(A) made on account of the death or disability of an account
beneficiary;
(B) made on account of the receipt of a scholarship (or
allowance or payment described in Section 135(d)(1)(B) or (C)
of the Internal Revenue Code) by the account beneficiary to the
extent the amount of the distribution does not exceed the
amount of the scholarship, allowance, or payment; or
(C) rollovers.
(2) To establish penalties for withdrawals of money from accounts
that are not used exclusively for the qualified higher education
expenses of an account beneficiary unless a circumstance
described in subdivision (1) applies.
(3) To establish policies and procedures regarding the transfer of
individual accounts and the designation of substitute account
beneficiaries.
(4) To establish policies and procedures for withdrawal of money
from accounts for, or in reimbursement of, qualified higher
education expenses.
(5) To enter into agreements with account owners, account
beneficiaries, and contributors, with the agreements naming:
(A) the account owner; and
(B) the account beneficiary.
(6) To establish accounts for account beneficiaries. However:
(A) the authority shall establish a separate account for each
account beneficiary; and
(B) an individual may be the beneficiary of more than one (1)
account.
(7) To enter into agreements with financial institutions relating to
accounts as well as deposits, withdrawals, penalties, allocation of
benefits or incentives, and transfers of accounts, account owners,
and account beneficiaries.
(8) To conform the education savings program to federal tax
advantages or incentives, as the advantages or incentives may
exist periodically, to the extent consistent with the purposes and
objectives of this article.
(9) To interpret, in rules, policies, guidelines, and procedures, the
provisions of this article broadly considering the purposes and
objectives of this article.

Legislative History

As added by P.L.165-1996, SEC.1. Amended by P.L.25-1999, SEC.9; P.L.135-2002, SEC.21.