§ 23-3.1-304. Authority – Purpose – Powers – Duties
In addition to any other powers or duties specifically granted to the authority in part 2 of this article 3.1 and in this part 3 the authority shall, as applicable to the respective program: Develop and implement the college savings program and the ABLE savings program in a manner consistent with this part 3 and […]
§ 23-3.1-305. Financial Institutions – Managers – Purpose – Selection – Requirements – Contracts
The authority shall implement the program through the use of one or more financial institutions to act as managers. Under the program, potential account owners may establish accounts through the program at the financial institution. The authority shall solicit proposals from financial institutions to act as the recipients of contributions and managers. The authority shall […]
§ 23-3.1-306. Accounts – Contributions – Withdrawals – Penalties – Statements
The program shall be operated through the use of accounts. A person may open an account by satisfying each of the following requirements: Completing an application in the form prescribed by the financial institution and approved by the authority, and in accordance with the provisions of section 529 or 529A of the internal revenue code, […]
§ 23-3.1-306.5. College Kickstarter Account Program – Funding – Administration – Financial Literacy Course – Rules – Legislative Declaration – Definitions
The general assembly hereby finds and declares that: Empirical evidence gathered over the last several years documents the potential of college savings accounts to expand educational and economic opportunity, especially for low- and moderate-income families; College savings accounts improve early child development and future financial capability because: Children who receive a college savings account at […]
§ 23-3.1-307. Limitations
Nothing in this part 3 shall be construed to: Give any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner; Guarantee that a designated beneficiary will be admitted to an education institution or be allowed to continue enrollment at or graduate from an education […]
§ 23-3.1-307.1. Personal Liability
Neither the members of the board, employees or agents of the authority, nor any person executing savings contracts shall be liable personally on savings contracts or be subject to any personal liability or accountability as a result of the program. Source: L. 2000: Entire part amended, p. 1295, § 16, effective May 26. L. 2004: […]
§ 23-3.1-307.3. Proceeds as Trust Funds
Except as otherwise provided in this part 3, all moneys received pursuant to this part 3, including moneys received under savings contracts, shall be deemed to be trust funds to be held and applied solely as provided in this part 3. Any officer, bank, or trust company with which such moneys are deposited shall act […]
§ 23-3.1-307.4. Claims of Creditors – Exemption
Except as provided pursuant to section 529A of the internal revenue code, moneys credited to or expended from the savings trust fund by or on behalf of an account owner, depositor, or designated beneficiary of a savings contract made under this part 3, which contract has not been terminated, are exempt from all claims of […]
§ 23-3.1-307.5. Confidentiality of Records
Except as otherwise provided in this section or pursuant to federal law, all data, information, and records relating to the college savings program and the ABLE savings program are public records and are subject to inspection pursuant to the provisions of part 2 of article 72 of title 24, C.R.S. The following data, information, and […]
§ 23-3.1-307.9. Policies for Promotion and Disclosure of Program Information
The authority shall design a policy related to the promotion of the program and a policy related to the disclosure of program-related information to account owners, depositors, and designated beneficiaries in a manner consistent with this part 3 and consistent with the requirements of section 529 or 529A of the internal revenue code, whichever is […]