(a) The commissioner is authorized to regulate the operation and administration of any plan or plans, as provided in this section, and to adopt and promulgate reasonable regulations as necessary to the exercise of the powers vested in the commissioner. In the adoption of regulations, the commissioner shall give paramount consideration to the safeguarding of funds and the protection of scholarship recipients.
(b) No plan shall be approved by the commissioner that does not comply with regulations relating to the following:
(1) Rights to withdrawal of principal investment;
(2) Enrollment fees and dues in an amount reasonably necessary to administer the plan as determined by the commissioner and pursuant to recommendation of the board of directors of the nonprofit corporation;
(3) Incorporation and qualification with the secretary of state by a corporation;
(4) Security of funds for scholarships;
(5) Qualifications of institutions in which scholarships may be granted;
(6) Maximum duration of scholarship;
(7) Scholastic achievement as qualification for commencement or continuation of scholarship not exceeding average passing grade in institution;
(8) Amount of contributions and duration necessary to participation in benefits of plan;
(9) Good moral character of management personnel; and
(10) Voting rights of members or trustees of members.
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