Common use of OPENING AND MAINTAINING AN ACCOUNT Clause in Contracts

OPENING AND MAINTAINING AN ACCOUNT. Who Can Open an Account? An Account may be established by an individual, certain legal entities, a custodian under a State’s UGMA or UTMA statute, or the trustee of a trust. The Account Owner must be at least 18 years of age with a valid Social Security number or a taxpayer identification number. The Account Owner must also have a valid, permanent address in the U.S. (not a P.O. Box). There are no income limitations for the Account Owner to participate in, or benefit from, the Program. There may be only one Account Owner per Account (joint ownership is not allowed). An Account Owner or multiple Account Owners can open more than one Account for the same Beneficiary as long as the total of the balances in all such Accounts and accounts for the Beneficiary in other Illinois Section 529 Programs, including the Bright Start Direct-Sold College Savings Program and College Illinois!, do not exceed the Maximum Account Balance. In addition, an Account may be established by a state or local government or a tax- exempt organization described in Section 501(c)(3) of the Code as part of a scholarship program operated by such government or organization. If the prospective Account Owner is a trust, the trustee should consult with his or her legal and tax advisors before establishing an Account. This Program Disclosure Statement does not address the income or other tax consequences of investments in the Program made by a trust, nor does it address the propriety of a trust making such an investment under state trust law. The Program is not responsible for determining if the individual listed as the trustee has the authority to open an Account in such capacity or whether trust assets can be used to open such Account. Accounts are only offered by the Distributor and through brokers or other financial advisors. You should contact your broker or other financial advisor to determine if they offer Accounts.