Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18)
Section 457-611-5 - PARTICIPATION AGREEMENTS
Universal Citation: 94 ME Code Rules ยง 457-611-5
Current through 2024-13, March 27, 2024
A. The Authority will enter into a participation agreement with all participants.
B. The participation agreement may include the following:
1) The name and address of the
participant and the beneficiary;
2)
[Repealed effective January 14, 2006]
3)
[Repealed effective January 14,
2006]
4)
[Repealed
effective December 3, 2001]
5) Any obligations of the Authority, the
participant and the beneficiary;
6)
A summary of the fees and penalties that may be assessed against the account,
the participant or the beneficiary;
7) The manner in which funds may be withdrawn
and by which the ownership rights of the account may be transferred;
8) Provisions for periodic reporting of the
status of participant accounts;
9)
Such other information as the Authority may determine to be necessary or
appropriate, 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.
C. Participation agreements may be amended from time to time. Changes that affect the ownership and registration (e.g., mailing address, name of beneficiary) of the account must be submitted by the participant in the form and manner designated by the Authority.
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