{"data":{"id":"us-mt/20-25-902","jurisdiction":"us-mt","citation":"20-25-902","heading":"Board -- powers and duties.","body":"(1) The board shall:\n(a) administer, manage, promote, and market the program;\n(b) seek rulings and other guidance relating to the program from the United States department of the treasury and the internal revenue service;\n(c) administer the program in compliance with section 529 of the Internal Revenue Code, 26 U.S.C. 529, as amended;\n(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;\n(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;\n(f) retain professional services, if necessary, including services of accountants, auditors, consultants, and other experts;\n(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;\n(h) adopt procedures as necessary to implement Title 15, chapter 62, including applications for participation in the program;\n(i) serve as trustee of the family education savings trust established in 15-62-301;\n(j) enter into participation agreements with account owners; and\n(k) maintain the program on behalf of the state as required by section 529 of the Internal Revenue Code, 26 U.S.C. 529.\n(2) The definitions in 15-62-103 apply to this section.","path":["TITLE 20. EDUCATION","CHAPTER 25. UNIVERSITY SYSTEM","Part 9. Family Education Savings Program"],"source_url":"https://mca.legmt.gov/bills/mca/title_0200/chapter_0250/part_0090/section_0020/0200-0250-0090-0020.html","current_through":"Montana Code Annotated 2025","vintage":"","retrieved_at":"2026-09-14T04:49:38Z","sha256":"09f72f863a4049de1d9ba2d0cf86b562a6ebd635e46e82c954c04486c8636bbc","source_id":"us-mt","stale":false,"prev":"us-mt/20-25-901","next":"us-mt/20-25-1001"},"notice":"GroundRules: Original legal text. Not legal advice."}