North Dakota Administrative Code
Title 12.5 - Bank of North Dakota
Article 12.5-02 - College SAVE
Chapter 12.5-02-01 - College SAVE
Section 12.5-02-01-05 - Establishment of an account

1. Eligibility requirements for participants. The participant must satisfy the following eligibility requirements:

2. Eligibility requirements for designated beneficiaries. The designated beneficiary of an account must satisfy the following eligibility requirements:

3. Documentation requirements. The participant is required to complete an enrollment form that will confirm the participant's acceptance of the terms and conditions of the participation agreement and the participant's agreement to be bound by the terms of these rules and the declaration of trust. The enrollment form will provide basic information such as name, address, citizenship or residency status, social security number, date of birth, and other information regarding the participant and the designated beneficiary and such other information as the Bank may require from time to time. If the source of any contribution to the account is a custodial account established under any state's Uniform Transfers or Uniform Gifts to Minors Act (a "UT/UGMA account"), the custodian must execute the enrollment form as a UT/UGMA custodian and establish the account separate from any account the custodian may hold in the custodian's individual capacity before contributing funds from the UT/UGMA account to the account. A participant maintaining accounts as custodian must notify the manager when the custodianship terminates.

4. Initial contribution or payment schedule. At the time the account is established, the participant is required to make a contribution or to authorize a schedule for automatic periodic payments to be made to the account.

5. Identification of designated beneficiary. Except as set forth below, the participant is required to name the designated beneficiary of the account at the time the account is established. The participant may name himself or herself as the designated beneficiary. If the source of any contribution to the account is a UT/UGMA account, at the time the account is established the participant must designate the minor for whom the UT/UGMA account was established as the designated beneficiary.

In the case of an account that is established as part of a scholarship program operated by any state or local government, or by an organization described in section 501(c)(3) of the Code, the designated beneficiary need not be identified at the time the account is established. Such government or organization shall provide the identification of the designated beneficiary prior to any distribution to or on behalf of a designated beneficiary from such account.

6. Matching grant. A matching grant account may be established, and subsequent awards granted, if a participant who has completed and signed the appropriate form, meets the requirements set forth in the then current matching grant instructions established by the Bank at the time the award is granted. A participant may be eligible for a matching grant if the participant filed a North Dakota state income tax return as a state resident.