ยง 695-c. Functions of the comptroller and the corporation. 1. The
comptroller and the corporation shall implement the program under the
terms and conditions established by this article and a memorandum of
understanding relating to any terms or conditions not otherwise
expressly provided for in this article.
2. In furtherance of such implementation the memorandum of
understanding shall address the authority and responsibility of the
comptroller and the corporation to:
a. develop and implement the program in a manner consistent with the
provisions of this article through rules and regulations established in
accordance with the state administrative procedure act;
b. engage the services of consultants on a contract basis for
rendering professional and technical assistance and advice;
c. seek rulings and other guidance from the United States Department
of Treasury and the Internal Revenue Service relating to the program;
d. make changes to the program required for the participants in the
program to obtain the federal income tax benefits or treatment provided
by section 529 of the Internal Revenue Code of 1986, as amended, or any
similar successor legislation;
e. charge, impose, and collect administrative fees and service
charges in connection with any agreement, contract or transaction
relating to the program;
f. develop marketing plans and promotion material;
g. establish the methods by which the funds held in such accounts be
dispersed;
h. establish the method by which funds shall be allocated to pay for
administrative costs; and
i. do all things necessary and proper to carry out the purposes of
this article.