North Carolina § 115C-597 - Administration.
Full text of North Carolina North Carolina General Statutes § 115C-597 — Administration., with citation guidance and answers to common questions.
§ 115C-597. Administration.
Rules and Regulations. - The Authority shall establish rules and regulations for the administration of the program, including the following: The administration and awarding of scholarship funds, including a lottery process for the selection of recipients within the criteria established by G.S. 115C-592(a), if necessary. Requiring a surety bond or insurance to be held by account holders. Use of the funds and the reporting of expenditures. Monitoring and control of spending scholarship funds deposited in a personal education savings account. Contract for Management of PESAs. - The Authority may contract with a private financial management firm or institution to manage PESAs in accordance with this Article. Annual Audits. - The Authority shall conduct annual audits of PESAs and may audit a random sampling of PESAs as needed to ensure compliance with the requirements of this Article. The Authority may contract with an independent entity to conduct these audits. The Authority may remove a parent or eligible student from the program and close a personal education savings account for failure to comply with the terms of the parental agreement, for failure to comply with applicable laws, or because the student is no longer an eligible student. Administration Costs. - Of the funds allocated to the Authority to award scholarship funds under this Article, the Authority may retain up to two hundred fifty thousand dollars ($250,000) each fiscal year for administrative costs associated with the program, including contracting with non-State entities for administration of certain components of the program. History (2017-57, s. 10A.4(a).) Editor's Note. - This section was originally enacted by Session Laws 2017-57, s. 10A.4 as G.S. 115C-567.12 . It was renumbered as G.S. 115C-597 at the direction of the Revisor of Statutes. Session Laws 2017-57, s. 10A.4(e), made this Article, as added by Session Laws 2017-57, s. 10A.4(a), applicable beginning with the 2018-2019 school year.
Frequently Asked Questions About North Carolina § 115C-597
What does North Carolina General Statutes § 115C-597 cover?
Section 115C-597 ("Administration.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 115C-597?
A common citation format is "North Carolina General Statutes § 115C-597" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 115C-597 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.