Okla. Stat. tit. 70, § 70-3970.6

A. The Board of Trustees of the Oklahoma College Savings Plan

shall implement the program through the use of one or more financial

institutions to act as the depositories and managers. Under the

program, persons may establish accounts through the program at a

depository that has been selected by the Board.

B. The Board shall solicit proposals from financial

institutions to act as the depositories and managers of the program.

Financial institutions that submit proposals shall provide all

information required by the Board which is sufficient to enable the

evaluation of the investment strategies and asset allocations

consistent with the program objectives set by the Board.

C. The Board shall select as program depositories and managers

the financial institution or institutions from among bidding

financial institutions that demonstrate the most advantageous

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combination, both to potential program participants and this state,

of the following factors:

1. Financial stability and integrity;

2. The safety of the investment instruments being offered by

the financial institution, taking into account any insurance

provided with respect to these instruments;

3. The ability of the financial institution to ensure that the

plan it offers tracks requirements of the Internal Revenue Code,

regulations of the Internal Revenue Service, other pertinent federal

and state laws and regulations, and rules and requirements of the

Regents;

4. The ability of the financial institution to track estimated

costs of higher education as provided by the Regents and provided by

the financial institution to the account holder;

5. The ability of the financial institutions, directly or

through a subcontract, to satisfy recordkeeping and reporting

requirements, including those created by Section 529 of the Internal

Revenue Code and Internal Revenue Service regulations;

6. The financial institution's plan for promoting the program

and the investment it is willing to make to promote the program,

including any use of institutions with offices in Oklahoma as plan

marketers and enrollment agents;

7. The fees, if any, proposed to be charged to persons for

maintaining accounts;

8. The minimum initial deposit and minimum contributions that

the financial institution will require and the willingness of the

financial institution to accept contributions through payroll

deduction plans and other deposit plans; and

9. Any other benefits to this state or its residents included

in the proposal, including an account opening fee payable to the

Board by the account owner and an additional fee from the financial

institution for statewide program marketing by the Board.

D. The Board shall enter into a contract with a financial

institution, or institutions provided in subsection E of this

section to serve as program managers and depositories.

E. The Board shall determine a minimum term for contracts

executed between the Board and a financial institution pursuant to

this section and shall establish procedures by which a contract may

be renewed.

F. The Board may select more than one financial institution and

investment for the program if the following conditions exist:

1. The United States Internal Revenue Service has provided

guidance that giving a contributor a choice of more than one

investment instrument under a state plan will not cause the plan to

fail to qualify for favorable tax treatment under Section 529 of the

Internal Revenue Code; and

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2. The Board concludes that the choice of instrument vehicles

is in the best interest of college savers and will not interfere

with the promotion of the program.

G. A program manager shall:

1. Take all action required to keep the program in compliance

with the requirements of this act and shall not take action contrary

to this act or its contract to manage the program so that it is
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2. The Board concludes that the choice of instrument vehicles

is in the best interest of college savers and will not interfere

with the promotion of the program.

G. A program manager shall:

1. Take all action required to keep the program in compliance

with the requirements of this act and shall not take action contrary

to this act or its contract to manage the program so that it is

treated as a qualified tuition plan under Section 529 of the

Internal Revenue Code;

2. Keep adequate records of each account, keep each account

segregated from each other account and provide the Board with the

information necessary to prepare statements required by federal and

state law or regulation or file these statements on behalf of the

Board;

3. Compile and total information contained in statements

required to be prepared under federal and state law and regulation

and provide these compilations to the Board;

4. If there is more than one program manager, the program

managers shall provide the Board with sufficient information to

determine compliance with subsection P of Section 3970.7 of this

title;

5. Provide representatives of the Board, including other

contractors or other state agencies, access to the books and records

of the program manager to the extent needed to determine compliance

with the contract; and

6. Hold all accounts in trust for the benefit of this state and

the account owner.

H. If a contract executed between the Board and a financial

institution pursuant to this section is not renewed, all of the

following conditions apply at the end of the term of the nonrenewed

contract:

1. Accounts previously established and held in investment

instruments at the financial institution shall not be terminated;

2. Additional contributions may be made to the accounts; and

3. No new accounts may be placed with that financial

institution.

I. The Board may terminate a contract with a financial

institution at any time for good cause. If a contract is terminated

pursuant to this section, the Board shall take custody of accounts

held at that financial institution and shall seek to promptly

transfer the accounts to another financial institution that is

selected as a program manager and into investment instruments as

similar to the original investments as possible.