New Hampshire § 195-H-2 - Section 195-H:2 Advisory Commission Established; Reports.

§ 195-H-2. Section 195-H:2 Advisory Commission Established; Reports.

I. (a) There is established the New Hampshire college tuition savings plan advisory commission which shall ensure the proper administration and management of the savings plan. The advisory commission shall ensure that the savings plan complies with the requirements of section 529 of the Internal Revenue Code of 1986, as amended, and any related federal law applicable to the savings plan. The commission shall also be responsible for ensuring the proper administration, implementation, and management of the New Hampshire excellence in higher education endowment trust fund established in RSA 6:38, and the governor's scholarship program and fund established in RSA 195-H:11-14. The commission, by a majority vote, may transfer funds between the New Hampshire excellence in higher education endowment trust fund and the governor's scholarship fund. The commission shall consist of the following members: (1) The state treasurer. (2) Two members of the house of representatives, one of whom shall be a member of the house finance committee, appointed by the speaker of the house. (3) Two members of the senate, appointed by the senate president. (4) The governor, or designee. (5) Two public members, one of whom shall have business experience, appointed by the governor. (6) One member representing the college and university system of New Hampshire, appointed by the chancellor. (7) One member of the higher education commission established in RSA 21-N:8-a, II, appointed by majority vote of the members of the commission. (8) One member representing the community college system of New Hampshire, appointed by the chancellor of the community college system of New Hampshire. (9) One member representing the New Hampshire college and university council, appointed by the members of the council. (10) One member representing the New Hampshire Higher Education Assistance Foundation, appointed by the foundation. (b) Except for the members appointed under subparagraphs (a)(1)-(4), members shall be appointed for 2-year terms. II. Members of the commission shall serve without compensation, except that legislative members shall receive mileage at the legislative rate. III. The commission shall keep written records of all its proceedings. IV. No member of the commission shall have any personal interest in the gains or profits of any investment made by the commission; nor shall any member of the commission, directly or indirectly, for such member or as an agent, in any manner use the same except to make such current and necessary payments as are authorized by the commission; nor shall any member of the commission become an endorser or surety, or in any manner an obligor, for money loaned to or borrowed from the commission. V. Members of the commission shall be held harmless from either criminal or civil liability for any decisions made or services rendered under the provisions of this chapter. VI. (a) The state treasurer shall make quarterly reports regarding the status of the savings plan to the commission. (b)(1) At least annually, the commission shall issue to each participant, a statement which shall include the participant's beginning balance, contributions, and earnings credited to their account during the previous fiscal year. (2) At least annually, the commission shall make annual reports regarding the status of the savings program to each participant in the savings plan and to the state library.