(1) The program shall be operated through the use of accounts. A person may open an account by satisfying each of the following requirements:

(a) Completing an application in the form prescribed by the financial institution and approved by the authority, and in accordance with the provisions of section 529 or 529A of the internal revenue code, whichever is applicable. At a minimum, said application shall include the following information:

(I) The name, address, and social security number or employer identification number of any person that contributes to the account;

(II) The name, address, and social security number or employer identification number of the account owner;

(III) The name, address, social security number or employer identification number, and date of birth of the designated beneficiary;

(III.5) For the ABLE savings program, a disability certificate and other documentation as required pursuant to section 529A of the internal revenue code; and

(IV) Repealed.

(V) Any other information that the authority may deem necessary.

(b) Making the minimum contribution required by the financial institution to open an account.

(2) Any person may make contributions to an account, consistent with the terms established by the authority, after the account is opened.

(3) Contributions to accounts shall be made in cash only, unless otherwise permitted pursuant to section 529 or 529A of the internal revenue code.

(4) Account owners may withdraw all or part of the balance from an account upon giving sixty days' notice, or upon such shorter period as may be authorized by the authority pursuant to rules established by the authority, including any applicable fees and penalties.

(5) An account owner may change the designated beneficiary of an account in accordance with the provisions of section 529 or 529A of the internal revenue code, whichever is applicable, and the procedures established by the authority.

(6) At the direction of the account owner, all or a portion of an account may be transferred to another account or rolled over in accordance with the provisions of section 529 or 529A of the internal revenue code, whichever is applicable, and the procedures established by the authority.

(7) to (9) Repealed.

(10) Each account shall be accounted for separately from all other accounts under the program.

(11) Separate records and accounting shall be maintained for each account for each designated beneficiary.

(12) To the extent permitted by federal law, a contributor to, an account owner of, or a designated beneficiary of any account may direct the investment of any contribution to an account or the earnings from the account.

(13) If the authority terminates the contract of a financial institution to hold accounts and accounts must be moved from that financial institution to another financial institution, the authority shall select the financial institution to which the balances of the accounts are moved.

(14) Neither an account owner nor a designated beneficiary may use an interest in an account as a security for a loan. Any pledge of an interest in an account is of no force and effect.

(15) If there is any distribution from an account to any person or for the benefit of any person during the calendar year, the distribution shall be reported to the internal revenue service and to the account owner or the designated beneficiary to the extent required by federal law.

(16) The financial institution shall provide statements to each account owner at least once each year.

(17) Statements and information returns relating to accounts shall be prepared and filed to the extent required by federal or state tax law.