15-62-201. Program requirements — establishment of account — qualified and nonqualified withdrawal — penalties. (1) The program must be established in the form determined by the board and may be divided into multiple investment portfolios. (2) If the program is divided into multiple portfolios as provided in subsection (1), the debts, liabilities, obligations, and expenses incurred, contracted […]
15-62-202. Changes in designated beneficiary. (1) An account owner may change the designated beneficiary of an account to an individual who is a member of the family of the former designated beneficiary in accordance with procedures established by the board. (2) If requested by an account owner, all or a portion of an account may be transferred […]
15-62-203. Selection of financial institution as program manager — contract — termination. (1) The board shall implement the operation of the program and may contract with one or more financial institutions to act as the program manager to provide management services to the program, including but not limited to investment management, account administration, customer service, and […]
15-62-204. Repealed. Sec. 8, Ch. 468, L. 2001. History: En. Sec. 9, Ch. 540, L. 1997; amd. Sec. 39, Ch. 51, L. 1999.
15-62-205. Scholarships and financial aid provisions — exceptions. (1) Except as provided in subsection (2), a student loan program, student grant program, or other financial assistance program established or administered by the state or a financial assistance program administered by a state-supported college or university must treat the balance in an account of which the student […]
15-62-206. Limitations. (1) This chapter may not be construed to: (a) give any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner; (b) guarantee that a designated beneficiary will be admitted to a higher education institution or an elementary or secondary school or be allowed to continue […]
15-62-207. (Temporary) Deductions for contributions. An individual who contributes to one or more accounts in a tax year is entitled to reduce the individual’s adjusted gross income, in accordance with 15-30-2110(11), by the total amount of the contributions, but not more than $3,000. The contribution must be made to an account owned by the contributor, the […]
15-62-208. (Temporary) Tax on certain withdrawals of deductible contributions. (1) There is a recapture tax at a rate equal to the highest rate of tax provided in 15-30-2103 on the recapturable withdrawal of amounts that reduced adjusted gross income under 15-30-2110(11). (2) For purposes of determining the portion of a recapturable withdrawal that reduced adjusted gross income, […]
15-62-209. Access to records. Information that identifies the contributor, account owner, or designated beneficiary of a family education savings account is confidential information as defined in 2-6-1002 and is exempt from any provision of law permitting the public examination or copying of documents. The provisions of this section may not prevent the release of information about […]
15-62-210. Exemption from claims of creditors. (1) Except as provided in subsection (3), up to $100,000 of assets and earnings held in and distributions from the trust by or on behalf of an account owner, contributor, or designated beneficiary of a participating trust agreement are exempt from all claims of creditors of the account owner, contributor, […]
