Sec. 54.705.  DUTIES OF PLAN MANAGER.  (a)  A plan manager shall:
(1)  take all actions required to keep the plan in compliance with this subchapter, to ensure that the plan qualifies as a qualified state tuition program under Section 529, Internal Revenue Code of 1986, as amended, and to ensure that the plan is exempt from registration under federal securities law;
(2)  keep adequate and separate records of each savings trust account and provide the board with the information necessary to prepare the reports required by Section 529, Internal Revenue Code of 1986, as amended, or to file those reports on behalf of the board;
(3)  compile necessary information for statements to account owners and statements required by federal or state tax law and provide those compilations to the board;  and
(4)  provide representatives of the board with access to the books and records of the manager as necessary to determine compliance with the plan manager contract.
(b)  A plan manager shall hold all savings trust accounts in trust as authorized by the board in the plan manager contract.  A plan manager shall make investments according to the standard provided by Section 54.704(a).
(c)  A plan manager shall develop a strategy to promote the plan and, on approval by the board, promote the plan according to that strategy.
(d)  A plan manager may provide for any financial institution to market the plan on its behalf and to provide account services to an individual who opens or owns a savings trust account administered by the plan manager.  A financial institution that markets the plan or provides account services under this subsection may charge a fee or commission for those services.
Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.