Section 2500.30 Application Process

Section 2500

Section 2500.30  Application Process

a)

The

Treasurer may permit persons, including trustees of trusts and custodians under

a Uniform Transfers to Minors Act or Uniform Gifts to Minors Act account, and

certain legal entities to be account owners, including as part of a scholarship

program, provided that:

1)

An

individual, trustee or custodian must have a valid social security number or

taxpayer identification number, be at least 18 years of age, and have a valid

United States street address; and

2)

A

legal entity must have a valid taxpayer identification number and a valid

United States street address.

[15 ILCS 505/16.5(d)]

b)         Applications

may be processed through a program manager. Completed applications must be

submitted as specified in the application form and the program disclosure statement.

c)         The Treasurer shall create applications for participation in

the Pool to be completed by the applicant.  The applicant shall be responsible

for providing all of the information requested by the Treasurer.  The

application shall include, but is not limited to, the following information:

1)         The

applicant's name, physical address, date of birth, Social Security number or Taxpayer

Identification Number, and signature;

2)         The

designated beneficiary's name, physical address, date of birth, and Social

Security number or Individual Taxpayer Identification Number;

3)         Investment

selection;

4)         Funding

method; and

5)         Additional

information that may be beneficial to the administration of the program, or

that is required by federal regulations and/or guidance.

d)         The Treasurer shall keep all information received from

applicants and account owners confidential and may only share the information as

required by law or as necessary to operate the College Savings Pool

Funding

method; and

5)         Additional

information that may be beneficial to the administration of the program, or

that is required by federal regulations and/or guidance.

d)         The Treasurer shall keep all information received from

applicants and account owners confidential and may only share the information as

required by law or as necessary to operate the College Savings Pool.

e)         When an application is submitted through a financial advisor,

the financial advisor shall provide information regarding the financial advisor

on the application to enable the Treasurer to open an account for the

applicant.

f)         Applications may include an initial contribution to the Pool

in a manner set forth in Section 2500.60.  No minimum contribution shall be

required to open an account. Applications that are incomplete and applications

that fail to meet the guidelines established by the Treasurer or set by the

Code may be rejected.