Montana § 20-25-902 Board -- Powers And Duties

Montana Statutes

§ 20-25-902 — Board -- Powers And Duties

Montana § 20-25-902

Title 20EDUCATION

Ch. 25UNIVERSITY SYSTEM

Part 9Family Education Savings Program

This text of Montana § 20-25-902 (Board -- Powers And Duties) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mont. Code Ann. § 20-25-902 (2026).

Text

20-25-902 . Board -- powers and duties.

(1)The board shall:

(a)administer, manage, promote, and market the program;

(b)seek rulings and other guidance relating to the program from the United States department of the treasury and the internal revenue service;

(c)administer the program in compliance with section 529 of the Internal Revenue Code, 26 U.S.C. 529, as amended;

(d)at the board's discretion, charge, impose, and collect administrative fees and service charges pursuant to any agreement, contract, or transaction relating to the program;

(e)if the board determines that contracting for program management will benefit the program, select the financial institution or institutions to act as the program manager pursuant to 15-62-203 ;

(f)retain professional services, if necessary, in

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20-25-902 . Board -- powers and duties. (1) The board shall:
(a) administer, manage, promote, and market the program;
(b) seek rulings and other guidance relating to the program from the United States department of the treasury and the internal revenue service;
(c) administer the program in compliance with section 529 of the Internal Revenue Code, 26 U.S.C. 529, as amended;
(d) at the board's discretion, charge, impose, and collect administrative fees and service charges pursuant to any agreement, contract, or transaction relating to the program;
(e) if the board determines that contracting for program management will benefit the program, select the financial institution or institutions to act as the program manager pursuant to 15-62-203 ;
(f) retain professional services, if necessary, including services of accountants, auditors, consultants, and other experts;
(g) adopt policies for the establishment of a maximum total balance that may be held in accounts for a designated beneficiary and for providing adequate safeguards to prevent excess contributions in accordance with section 529 of the Internal Revenue Code, 26 U.S.C. 529, as amended;
(h) adopt procedures as necessary to implement Title 15, chapter 62, including applications for participation in the program;
(i) serve as trustee of the family education savings trust established in 15-62-301 ;
(j) enter into participation agreements with account owners; and
(k) maintain the program on behalf of the state as required by section 529 of the Internal Revenue Code, 26 U.S.C. 529.
(2) The definitions in 15-62-103 apply to this section.

Legislative History

En. Sec. 7, Ch. 540, L. 1997; amd. Sec. 8, Ch. 566, L. 2003; amd. Sec. 6, Ch. 549, L. 2005; amd. Sec. 10, Ch. 349, L. 2021; amd. Sec. 49, Ch. 503, L. 2021.