(A) The State Treasurer shall implement and administer the program under the terms and conditions established by this article. The State Treasurer has the authority and responsibility to:
(1) develop and implement the program in a manner consistent with the provisions of this article;
(2) engage the services of consultants on a contract basis for rendering professional and technical assistance and advice;
(3) seek rulings and other guidance from the Secretary and the federal Internal Revenue Service relating to the program;
(4) make changes to the program required for the participants in the program to obtain the federal income tax benefits or treatment provided by Section 529A of the federal Internal Revenue Code of 1986, as amended;
(5) charge, impose, and collect administrative fees and service charges in connection with any agreement, contract, or transaction relating to the program;
(6) develop marketing plans and promotional materials;
(7) establish the methods by which the funds held in accounts must be dispersed;
(8) establish the method by which funds must be allocated to pay for administrative costs;
(9) do all things necessary and proper to carry out the purposes of this article;
(10) adopt rules and promulgate regulations necessary to effectuate the provisions of this article;
(11) prepare an annual report of the Palmetto ABLE Savings Program to the Governor, the Senate, and the House of Representatives; and
(12) notify the Secretary when an account has been opened for a designated beneficiary and submit other reports concerning the program required by the Secretary.
(B) The State Treasurer may contract with other states in developing the program.
HISTORY: 2016 Act No. 165 (H.3768), Section 1, eff April 29, 2016; 2019 Act No. 88 (H.3986), Section 1, eff May 24, 2019.
Editor's Note
2016 Act No. 165, Section 4, provides as follows:
"SECTION 4. This act takes effect upon approval by the Governor and applies for tax years beginning after 2015."
Effect of Amendment
2019 Act No. 88, Section 1, in (A)(11), substituted "Palmetto ABLE Savings Program" for "ABLE Savings Program".
Structure South Carolina Code of Laws
Section 11-5-10. Salary and personnel.
Section 11-5-50. Duties as to defaulting county treasurers; warrants for arrest.
Section 11-5-60. County treasurer to be charged interest for refusal or neglecting to pay taxes.
Section 11-5-70. Report of names of defaulting county treasurers.
Section 11-5-80. Proceedings against defaulting treasurers.
Section 11-5-100. Account in books for appropriations.
Section 11-5-120. Publication of quarterly statements.
Section 11-5-130. Payment of appropriations to state institutions.
Section 11-5-140. Payment of appropriations to meet ordinary expenses.
Section 11-5-150. Monies appropriated for erection of state college buildings.
Section 11-5-160. Payment of appropriations when no direction is given.
Section 11-5-170. State Treasurer to send daily reports to Comptroller General.
Section 11-5-180. Monthly reports to Comptroller General of cash transactions.
Section 11-5-185. Treasurer's annual report to the General Assembly.
Section 11-5-190. Fund for insurance and postage on securities in transit.
Section 11-5-200. Payroll payments by Electronic Funds Transfer System.
Section 11-5-220. Report required after sale of bonds or notes.
Section 11-5-240. Data to be furnished to rating services.
Section 11-5-245. State Treasurer reports to boards of trustees of institutions of higher learning.
Section 11-5-280. Acceptance of credit cards by state agencies.
Section 11-5-400. Palmetto ABLE Savings Program created.
Section 11-5-410. Definitions.
Section 11-5-420. Administration of program.
Section 11-5-430. Program managers; management contracts; exchange of data authorized.
Section 11-5-450. Accounts not guaranteed by the State; rules and regulations.