The program must be operated through the use of accounts. An account may be opened by any person who desires to save to pay the qualified higher education expenses of an individual by satisfying each of the following requirements:

(1) Completing an application in the form prescribed by the council that includes:

Terms Used In South Dakota Codified Laws 13-63-9

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2

(a) The name, address, and social security number or employer identification number of the contributor;

(b) The name, address, and social security number or employer identification number of the account owner if the account owner is not the contributor;

(c) The name, address, and social security number of the designated beneficiary;

(d) A certification acknowledging that no excess contributions will be permitted pursuant to applicable law; and

(e) Any other information that the council may require;

(2) Paying any one–time application fee established by the council;

(3) Making the minimum contribution required by the council; and

(4) Designating the type of account to be opened if more than one type of account is offered.

Source: SL 2001, ch 97, § 9; SL 2022, ch 49, § 4.

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