§ 695-d. Powers of the comptroller. 1. The comptroller may implement\nthe program through use of financial organizations as account\ndepositories and managers. Under the program, individuals may establish\naccounts directly with an account depository.\n 2. The comptroller may solicit proposals from financial organizations\nto act as depositories and managers of the program. Financial\norganizations submitting proposals shall describe the investment\ninstrument which will be held in accounts. The comptroller shall select\nas program depositories and managers the financial organization, from\namong the bidding financial organizations that demonstrates the most\nadvantageous combination, both to potential program participants and\nthis state, of the following factors:\n a. Financial stability and integrity of the financial organization;\n b. The safety of the investment instrument being offered;\n c. The ability of the investment instrument to track increasing costs\nof higher education;\n d. The ability of the financial organization to satisfy recordkeeping\nand reporting requirements;\n e. The financial organization's plan for promoting the program and the\ninvestment it is willing to make to promote the program;\n f. The fees, if any, proposed to be charged to persons for opening\naccounts;\n g. The minimum initial deposit and minimum contributions that the\nfinancial organization will require;\n h. The ability of banking organizations to accept electronic\nwithdrawals, including payroll deduction plans; and\n i. Other benefits to the state or its residents included in the\nproposal, including fees payable to the state to cover expenses of\noperation of the program.\n 3. The comptroller may enter into a contract with a financial\norganization. Such financial organization management may provide one or\nmore types of investment instrument.\n 4. The comptroller may select more than one financial organization for\nthe program.\n 5. A management contract shall include, at a minimum, terms requiring\nthe financial organization to:\n a. Take any action required to keep the program in compliance with\nrequirements of section six hundred ninety-five-e of this article and\nany actions not contrary to its contract to manage the program to\nqualify as a "qualified state tuition plan" under section 529 of the\nInternal Revenue Code of 1986, as amended;\n b. Keep adequate records of each account, keep each account segregated\nfrom each other account, and provide the comptroller with the\ninformation necessary to prepare the statements required by section six\nhundred ninety-five-e of this article;\n c. Compile and total information contained in statements required to\nbe prepared under section six hundred ninety-five-e of this article and\nprovide such compilations to the comptroller;\n d. If there is more than one program manager, provide the comptroller\nwith such information necessary to determine compliance with section six\nhundred ninety-five-e of this article;\n e. Provide the comptroller or his designee access to the books and\nrecords of the program manager to the extent needed to determine\ncompliance with the contract;\n f. Hold all accounts for the benefit of the account owner;\n g. Be audited at least annually by a firm of certified public\naccountants selected by the program manager and that the results of such\naudit be provided to the comptroller;\n h. Provide the comptroller with copies of all regulatory filings and\nreports made by it during the term of the management contract or while\nit is holding any accounts, other than confidential filings or reports\nthat will not become part of the program. The program manager shall make\navailable for review by the comptroller the results of any periodic\nexamination of such manager by any state or federal banking, insurance,\nor securities commission, except to the extent that such report or\nreports may not be disclosed under applicable law or the rules of s
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