Section 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.Amended by Laws 2021, Ch. 503,Sec. 49, eff. 1/1/2024, and applicable to income tax years beginning after December 31, 2023.En. Sec. 7, Ch. 540, L. 1997; amd. Sec. 8, Ch. 566, L. 2003; amd. Sec. 6, Ch. 549, L. 2005.