Exempting contributions to and interest earned on certain educational savings plan accounts from the income tax, specifying certain limits and conditions and defining educational savings plan account, requiring the accounts to be created as financial institution trusts, restricting investment of the assets and specifying certain conditions for distribution for higher education purposes, imposing sanctions on financial institutions for failure to comply, specifying the tax liability of the distributions and certain trustee reporting requirements, requiring commissioner of revenue rules and imposing a penalty on trustees failing to comply with the reporting requirements (ra)