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Can you summarize NDAC Title 12.5?
North Dakota Administrative Code > Bank of North Dakota
Short Summary
The legal documents provided cover three different programs administered by the Bank of North Dakota. The College SAVE program establishes rules and regulations for higher education savings, including eligibility requirements, account establishment, contributions, distributions, and investment guidelines. The documents also govern the service fees associated with credit card payments accepted by executive branch agencies. The North Dakota ABLE plan provides tax-free savings accounts for individuals with disabilities, with the Bank of North Dakota responsible for administration and marketing. The plan aims to assist North Dakota citizens in utilizing the benefits of the Achieving a Better Life Experience Act. The Dakota Education Savings Plan helps individuals and families save for education expenses and falls under the jurisdiction of the Bank of North Dakota. The documents do not mention specific exemptions or penalties. Participants in these programs should familiarize themselves with the rules and regulations to ensure compliance and maximize the benefits of the savings programs.
Whom does it apply to?
The College SAVE program applies to participants and designated beneficiaries who wish to save for higher education expenses. The service fee regulations apply to executive branch agencies in North Dakota that accept credit card, debit card, or electronic fund transfer payments. The North Dakota ABLE plan applies to individuals with disabilities who wish to open tax-free savings accounts. The Dakota Education Savings Plan applies to individuals and families in North Dakota who want to save for education expenses.
What does it govern?
The legal document establishes the College SAVE higher education savings program, which is administered by the Bank of North Dakota. It outlines the rules and regulations governing the program, including its operation, management, promotion, and marketing. The document sets forth the eligibility requirements for participants and designated beneficiaries, as well as the establishment of accounts and rules applicable to contributions and distributions. It provides guidelines for investment direction, change in designated beneficiary, successor participant, pledge or assignment, and transfer of ownership. The document also addresses the termination of accounts and the distribution of the plan disclosure statement, separate accounting and reporting, and fees related to the College SAVE plan. The provided legal document content governs the service fees associated with accepting payments made by credit cards, debit cards, or electronic fund transfers by executive branch agencies in compliance with credit card company rules. The documents require the Bank of North Dakota, acting on behalf of the state, to establish rules regarding service fees and approve the amount that may be charged by executive agencies. The Bank of North Dakota is designated as the credit card administrator for state agencies, boards, and commissions. The documents define various terms related to credit card administration and specify that executive branch agencies must adhere to network regulations governing service fees, including convenience fees or surcharges. The Bank and the state's designated processor are prohibited from charging service fees to cardholders on behalf of the executive branch agency. To charge a service fee, an executive branch agency's approved payment application must process the fee. The documents provide information on how executive branch agencies can obtain network regulations from MasterCard, Visa, and Discover. The documents were implemented on April 1, 2013, based on the authority provided by NDCC 54-06-08.2. No specific exemptions or penalties are mentioned in these documents. The North Dakota Achieving a Better Life Experience Plan establishes the North Dakota ABLE plan, which provides tax-free savings accounts for individuals with disabilities. The plan can establish its own qualified tax-free savings accounts or provide information to citizens about other eligible ABLE plans. The Bank of North Dakota is responsible for administering, managing, promoting, and marketing the plan in accordance with IRS standards. The plan director appointed by the Bank of North Dakota monitors legislative changes and policy or rule changes that may impact qualified ABLE plans. The plan director also develops and implements plan promotion and marketing targeted to North Dakota citizens. The plan aims to inform and assist North Dakota citizens in utilizing the benefits provided by the Achieving a Better Life Experience Act of 2014. The plan is governed by the North Dakota Administrative Code and the Bank of North Dakota's rules. No specific exemptions or penalties are mentioned in the document. The Dakota Education Savings Plan is a program established in the state of North Dakota to help individuals and families save for education expenses. The plan is governed by the North Dakota Administrative Code and falls under the jurisdiction of the Bank of North Dakota. It applies to individuals and families who wish to save for education expenses, including parents, guardians, and students. The document does not mention any specific exemptions or penalties for non-compliance. However, it is important for participants to familiarize themselves with the rules and regulations of the plan to ensure compliance and maximize the benefits of the savings program.
What are exemptions?
No specific exemptions are mentioned in the documents.
What are the Penalties?
No specific penalties are mentioned in the documents.
Jurisdiction
North Dakota