Indiana Code Title 21. Higher Education § 21-9-7-1

(1) To establish policies and procedures to govern distributions from accounts that are not:

(2) To establish penalties for withdrawals of money from accounts that are not used exclusively for the qualified higher education expenses of an account beneficiary unless a circumstance described in subdivision (1) applies.

(3) To establish policies and procedures regarding the transfer of individual accounts and the designation of substitute account beneficiaries.

(4) To establish policies and procedures for withdrawal of money from accounts for, or in reimbursement of, qualified higher education expenses.

(5) To enter into agreements with account owners, account beneficiaries, and contributors, with the agreements naming:

(6) To establish accounts for account beneficiaries. However:

(7) To enter into agreements with financial institutions relating to accounts as well as deposits, withdrawals, penalties, allocation of benefits or incentives, and transfers of accounts, account owners, and account beneficiaries.

(8) To conform the education savings program to federal tax advantages or incentives, as the advantages or incentives may exist periodically, to the extent consistent with the purposes and objectives of this article.

(9) To interpret, in rules, policies, guidelines, and procedures, the provisions of this article broadly considering the purposes and objectives of this article.