(1) The board shall:
(a) administer, manage, promote, and market the program;
(b) seek rulings and other guidance relating to the program from the United States department of the treasury and the internal revenue service;
(c) administer the program in compliance with section 529 of the Internal Revenue Code, 26 U.S.C. 529, as amended;
(d) at the board's discretion, charge, impose, and collect administrative fees and service charges pursuant to any agreement, contract, or transaction relating to the program;
(e) if the board determines that contracting for program management will benefit the program, select the financial institution or institutions to act as the program manager pursuant to 15-62-203;
(f) retain professional services, if necessary, including services of accountants, auditors, consultants, and other experts;
(g) adopt policies for the establishment of a maximum total balance that may be held in accounts for a designated beneficiary and for providing adequate safeguards to prevent excess contributions in accordance with section 529 of the Internal Revenue Code, 26 U.S.C. 529, as amended;
(h) adopt procedures as necessary to implement Title 15, chapter 62, including applications for participation in the program;
(i) serve as trustee of the family education savings trust established in 15-62-301;
(j) enter into participation agreements with account owners; and
(k) maintain the program on behalf of the state as required by section 529 of the Internal Revenue Code, 26 U.S.C. 529.
(2) The definitions in 15-62-103 apply to this section.