New Jersey Revised Statutes § 18a:71b-38 - Administration Of The Program; Powers Of The Authority.

18A:71B-38 Administration of the program; powers of the authority.

18A:71B-38. Administration of the Program; Powers of the Authority.

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; 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.


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Last modified: October 11, 2016