13-63-9. Program operated through accounts--Requirements for opening account.
The program shall 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. The application shall include the following information:
(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)The certification relating to no excess contributions required by §13-63-21; and
(e)Any other information that the council may require;
(2)Paying the one-time application fee established by the council;
(3)Making the minimum contribution required by the council;
(4)Designating the type of account to be opened if more than one type of account is offered.
Source: SL 2001, ch 97, §9.