{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-3970.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-3970.5","heading":"Board duties","body":"The Board of Trustees of the Oklahoma College Savings Plan\n\nshall:\n\n1. Develop and implement the program in a manner consistent\n\nwith this act through the adoption of guidelines and procedures;\n\n2. Retain professional services, if necessary, including\n\naccountants, auditors, consultants and other experts;\n\n3. Seek rulings and other guidance, if necessary, from the\n\nUnited States Department of the Treasury, the Internal Revenue\n\nService, and the Oklahoma Attorney General relating to the program;\n\n4. Make changes to the program required for the participants in\n\nthe program to obtain the federal income tax benefits or treatment\n\nprovided by Section 529 of the Internal Revenue Code;\n\n5. Interpret, in policies, guidelines and procedures, the\n\nprovisions of the Oklahoma College Savings Plan Act broadly in light\n\nof its purpose and objectives;\n\n6. Develop a schedule of application fees and other necessary\n\nfees and charges in connection with any agreement, contract or\n\ntransaction relating to the program that are sufficient to offset\n\nthe administrative and staffing costs associated with the\n\nimplementation and administration of this program;\n\n7. Select the financial institution or institutions to act as\n\nthe depositories and managers of the program accounts in accordance\n\nwith this act. For purposes of selecting such institutions and\n\nmanagers, the Board shall be exempt from the Oklahoma Central\n\nPurchasing Act. The Board shall develop a competitive process by\n\nwhich the institutions and managers will be selected;\n\n8. Develop procedures to assist in the administration and\n\nimplementation of this act. Any guidelines or procedures affecting\n\nexisting or potential participants in the Oklahoma College Savings\n\nPlan may only be implemented after reasonable notice to the public\n\nand a public hearing in a manner similar to requirements of the\n\nAdministrative Procedures Act; and\n\n9. Have the authority to implement affinity programs for plan\n\nparticipants.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"8862c616eb24cb3752578a2269794c43f638c8f2c8bd6a9130c0fb07a9eb53d1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-3970.4","next":"us-ok/okla.-stat.-tit.-70-70-3970.6"},"notice":"GroundRules: Original legal text. Not legal advice."}