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Can you summarize NDCC Section 6-09-38?
The Bank of North Dakota > North Dakota higher education savings plan - Administration - Rules - Continuing appropriation.
Short Summary
This legal document pertains to the administration, management, promotion, and marketing of the North Dakota higher education savings plan by The Bank of North Dakota. The Bank is responsible for ensuring compliance with internal revenue service standards for qualified state tuition programs. As the trustee of the plan, The Bank may impose an annual administrative fee to cover expenses related to the plan’s operation, support the Bank’s educational mission, or defray education expenses as defined by section 529 of the Internal Revenue Code. The administrative fees received by The Bank are continuously appropriated for use as specified in this section. Contributions made to the higher education savings plan administered by The Bank are eligible for an income tax deduction as provided in chapter 57-38. Information related to contributions is confidential, except for the purpose of determining compliance with the income tax deduction. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
The Bank of North Dakota
What does it govern?
Administration, management, promotion, and marketing of the North Dakota higher education savings plan
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
North Dakota