A. An account owner may enter into an education investment agreement with the board under which an account in the education trust fund is established and contributions may be made to the account from time to time, consistent with the terms of the agreement, to defray the cost of qualified higher education expenses. Each account shall be accounted for separately from all other accounts in the education trust fund. An account owner may enter into an education investment agreement on behalf of any beneficiary.

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B. Gifts and bequests by persons other than the account owner may be made to an account in the education trust fund for the benefit of the beneficiary in accordance with the terms of the education investment agreement.

C. The board shall set forth procedures relating to the withdrawal of money from an account established in the education trust fund pursuant to an education investment agreement.

D. An education investment agreement may be terminated by the account owner at any time. The board shall specify by rule appropriate provisions for the term and termination of education investment agreements.

E. Contributions made to an account in the education trust fund, together with accrued investment earnings and capital appreciation in such account, shall be excluded from any calculation of the respective beneficiary’s student financial aid eligibility in New Mexico.

F. The board shall notify each account owner annually about the status of the account owner’s account in the education trust fund.