(1) An account owner may change the designated beneficiary of an account to an individual who is a member of the family of the former designated beneficiary in accordance with procedures established by the board.
(2) If requested by an account owner, all or a portion of an account may be transferred to another account of which the designated beneficiary is a member of the family of the designated beneficiary of the transferee account.
(3) Changes in designated beneficiaries and rollovers under this section are not permitted if the changes or rollovers would violate:
(a) the excess contributions provisions adopted by the board pursuant to 20-25-902; or
(b) the investment choice provisions of 15-62-201 (5).