Functions and Powers of the Director

(a)The Director shall implement and administer the program under the terms and conditions established by this Chapter and in conformity with federal law, including the Stephen Beck, Jr. Achieving a Better Life Experience

(ABLE)Act of 2014, Division B of U.S. Public Law No. 113-295, as amended. The Director shall have the authority to:

(1)develop and implement the program in a manner consistent with this Chapter;

(2)engage the services of consultants on a contractual basis for rendering professional and technical assistance and advice;

(3)seek rulings and other guidance from the Secretary and the Internal Revenue Service relating to the program;

(4)make any changes to the program required for the participants in the program to obtain the federal income tax benefits or treatment provided by § 529A of the Internal Revenue Code of 1986, as amended, and as provided under this Chapter;

(5)charge, impose, and collect administrative fees and service charges in connection with any agreement, contract, COL5/16/2022 CH. 53 GUAM ABLE SAVINGS PROGRAM or transaction relating to the program;

(6)develop marketing plans and promotional material;

(7)establish the methods by which the funds held in accounts shall be disbursed;

(8)establish the method by which funds shall be allocated to pay for administrative costs;

(9)notify the Secretary, if required, when an account has been opened for a designated beneficiary and submit other reports concerning the program required by the Secretary; and

(10)adopt rules pursuant to the Administrative Adjudication Act as necessary to carry out the purposes of this Chapter.

(b)The Director may enter into agreements with various states and territories to either allow residents of Guam to participate in a comparable program operated by another state or territory or allow residents of other states and territories to participate in the Guam ABLE Savings Program.

(c)The Director may implement the program through use of financial organizations as account depositories and managers. The Director may solicit proposals from financial organizations to act as depositories and managers of the program. Financial organizations that submit proposals shall describe the investment instruments which will be held in accounts. The Director may select more than one

(1)financial organization and investment instrument for the program. The Director shall select as program depositories and managers of the financial organization or organizations, from among the financial organizations seeking the contract, that demonstrate the most advantageous combination, both to potential program participants and to Guam, of the following factors:

(1)financial stability and integrity of the financial organization;

(2)the safety of the investment instrument being offered; COL5/16/2022 CH. 53 GUAM ABLE SAVINGS PROGRAM

(3)the ability of the financial organization to satisfy record-keeping and reporting requirements;

(4)the financial organization’s plan for promoting the program and the investment the organization is willing to make to promote the program;

(5)the fees, if any, proposed to be charged to the account of owners;

(6)the minimum initial deposit and minimum contributions that the financial organization will require;

(7)the ability of the financial organization to accept electronic withdrawals, including payroll deduction plans; and

(8)other benefits to Guam or its residents included in the proposal, including fees payable to Guam to cover expenses of operation of the program.

(d)The Director may enter into contracts and agreements with a financial organization or organizations necessary to implement this Chapter.