Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18)
Section 457-611-4 - OPENING AN ACCOUNT
Universal Citation: 94 ME Code Rules ยง 457-611-4
Current through 2024-13, March 27, 2024
A. Each applicant shall submit an application to the Authority or any agent or contractor designated by the chief executive officer on such forms and with such attachments as the chief executive officer may require.
B. The application shall contain the following:
1) The name of the proposed
beneficiary, unless the account participant is a state or local governmental
entity (or agency or instrumentality thereof) or a 501(c)(3). Beneficiaries may
be changed to any eligible individual, as permitted by federal requirements
then in effect, upon the receipt of a request of the participant in the form
designated by the Authority and accepted by the program;
2) Any minimum investment required by the
chief executive officer to open an account;
3) The birth date of the beneficiary, unless
the account is owned by a state or local governmental entity or a
501(c)(3);
4) For individuals, the
social security number or valid taxpayer identification number of the
participant and the beneficiary. Distributions from accounts that lack a valid
social security number or taxpayer identification number may be subject to
penalties or the withholding of taxes at the time of distribution;
and
5) Such other information as
the Authority may require including such factual representations as the
Authority may reasonably require to evidence compliance with the participation
agreement, the program description and federal requirements, which
representations shall be deemed, if false, to constitute unsworn falsification
within the meaning of
17-A MRSA
§453.
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