New Jersey Statutes 18A:71B-38. Administration of the program; powers of the authority
Terms Used In New Jersey Statutes 18A:71B-38
- Contract: A legal written agreement that becomes binding when signed.
- Higher education: means that education which is provided by any or all of the public institutions of higher education as herein defined and any or all equivalent private institutions. See New Jersey Statutes 18A:1-1
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
- Trustee: A person or institution holding and administering property in trust.
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.