{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-6004","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-6004","heading":"Powers and duties of Regents - Contracts for services","body":"A. For the purpose of implementing and administering the\n\nOklahoma Tuition Trust Act, the Regents shall have the power and\n\nduty to:\n\n1. invest any money of the Trust, at the discretion of the\n\nRegents, in any instruments, obligations, securities or property\n\ndeemed proper by the Regents, and name and use depositories for its\n\nmoney;\n\n2. pay money to state institutions of higher education from the\n\nfund;\n\n3. impose reasonable residency requirements for qualified\n\nbeneficiaries consistent with the policies of the institution of\n\nhigher education which the qualified beneficiary attends;\n\n4. impose reasonable limits on the number of participants in\n\nthe Trust if necessary to maintain the financial and actuarial\n\nsoundness of the Trust. Any refused purchaser shall receive a\n\npriority over prospective new purchasers when additional contracts\n\nare let;\n\n5. contract for goods and services and engage personnel as is\n\nnecessary and engage the services of private consultants, actuaries,\n\nmanagers, legal counsel, and auditors for rendering professional\n\nmanagement, and technical assistance and advice;\n\n6. solicit and accept gifts, donations, grants, loans, and\n\nother aids from any person, firm or corporation or the federal,\n\nstate, or local government or any agency of the federal, state, or a\n\nlocal government, or to participate in any other way in any federal,\n\nstate, or local government program;\n\n7. charge, impose, and collect administrative fees and charges\n\nin connection with any transaction and provide for reasonable\n\npenalties, including default, for delinquent payment of fees or\n\ncharges or for fraud;\n\n8. procure insurance against any loss in connection with the\n\nTrust's property, assets, or activities;\n\n9. make, execute, and deliver contracts, conveyances, and other\n\ninstruments necessary or convenient to the exercise of its powers;\n\n10. enter into contracts on behalf of the state;\n\n11. invest, manage and administer the assets of the Trust;\n\n12. indemnify or procure insurance indemnifying the Regents\n\nfrom personal loss or accountability from liability resulting from a\n\nmember's action or inaction as a member of the Regents;\n\n13. impose reasonable time limits on use of the tuition\n\nbenefits provided by the Trust, if the limits are made a part of the\n\ncontract;\n\n14. provide for receiving contributions in lump sums or\n\nperiodic sums; and\n\n15. promulgate reasonable rules and regulations and establish\n\npolicies, procedures, and eligibility criteria to implement the\n\nOklahoma Tuition Trust Act pursuant to the Administrative Procedures\n\nAct.\n\nB. The Regents shall make any arrangements that are necessary\n\nor appropriate with institutions of higher education in order to\n\nfulfill its obligations under advance tuition payment contracts,\n\nwhich arrangements may include, but need not be limited to, the\n\npayment by the Regents of the then actual tuition cost on behalf of\n\na qualified beneficiary to the institution of higher education.\n\nC. The Trust may contract with others, public or private, for\n\nthe provision of all or a portion of the services necessary for the\n\nmanagement and operation of the Trust.","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":"2ab117c9a554d163592699963a944a32473b299f198f44b470e4561a05a9bd38","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-6003","next":"us-ok/okla.-stat.-tit.-70-70-6005"},"notice":"GroundRules: Original legal text. Not legal advice."}