12D.4  Program and administrative funds — investment and payments.
  1.  a.  The treasurer of state shall segregate moneys received by the trust into two funds:  the program fund and the administrative fund.
  b.  All moneys paid by participants in connection with participation agreements shall be deposited as received into separate accounts within the program fund.
  c.  Contributions to the trust made by participants may only be made in the form of cash.
  d.  A participant or beneficiary shall not provide investment direction regarding program contributions or earnings held by the trust.
  2.  Moneys accrued by participants in the program fund of the trust may be used for payments to any institution of higher education. Payments can be made to the institution, the participant, or the beneficiary.
98 Acts, ch 1172, §4; 2004 Acts, ch 1079, §9, 17
Referred to in §12D.1, §12D.9