N.J.S.A. 18A:71B-38 — Administration of the program; powers of the authority.

18A:71B-38 Administration of the program; powers of the authority. 18A:71B-38. Administration of the Program; Powers of the Authority. The Higher Education Student Assistance Authority shall administer the NJBEST Program. The authority shall have the power to: a. serve as trustee of the trust; b. adopt rules and regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), necessary to carry out the provisions of this article; c. prescribe and provide appropriate forms for participation in the program; d. select an investment manager and any other contractors needed to manage and market the program; e. monitor the investment manager and any other contractors by audits and other reports; f. collect reasonable administrative fees in connection with any contract or transaction relating to the program; g. impose penalties for nonqualified withdrawals; h. take all actions required so that the program is treated as a qualified State tuition program under section 529 of the federal Internal Revenue Code of 1986, 26 U.S.C.s.529; and i. perform any other acts which may be deemed necessary or appropriate to carry out the objects and purposes of this article. L.1999,c.46,s.1.

This is the verbatim text of N.J.S.A. 18A:71B-38, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.