37.2.525    DUTIES OF PROGRAM MANAGER

(1) Each program manager must do the following:

(a) generally administer and carry out the program according to the directions and policies of the department and applicable law;

(b) keep adequate records of each account that is under its direction, keep such account segregated from other accounts and post contributions to accounts within no later than the business day that it receives verification that such contributions consist of fully collected funds;

(c) provide the department and all appropriate governmental and regulatory agencies all reports and information as may be required or deemed necessary to obtain tax advantages available under state or federal laws;

(d) provide regular statements at least annually, within 31 days of the annual period to which they apply, to each account owner showing all contributions, withdrawals, and earnings posted to each account during the previous reporting period;

(e) comply with the terms and conditions of its contract with the department;

(f) take all actions required to keep the program in compliance with the requirements of the ABLE Act and all reasonable action not contrary to the ABLE Act, these rules or the depository or program manager's contract to manage its program accounts so that it is treated as a qualified ABLE Act program under section 529A(b) of the Internal Revenue Code, 26 USC 529A(b);

(g) comply with all other laws and regulations applicable to the program manager;

(h) retain or provide copies to the department of all applications and related documentation received pursuant to these rules;

(i) include in any application, participating trust agreement, contract, offering or disclosure document, and any other document identified by the department that may be used in connection with a contribution to an account an express statement that the account is not insured by the state and that the principal deposited and any investment return are not guaranteed by the state; and

(j) include in any application or participating trust agreement a statement that the program must provide that a portion or all of the balance remaining in the account of a deceased designated beneficiary must be distributed to a state that files a claim against the designated beneficiary or the account itself with respect to benefits provided to the designated beneficiary under that state's Medicaid plan.

History: 53-25-104, MCA; IMP, 53-25-109, 53-25-110, 53-25-113, MCA; NEW, 2016 MAR p. 1575, Eff. 9/3/16.