S.C. Code Regs. 19-1250 - Default
Failure to make any payment within thirty (30) days of the due date shall constitute default by the contributor and a cancellation of the contributor's and the designated beneficiary's rights and benefits under the tuition prepayment contract. Within 180 days of the tuition prepayment contract default, a contributor may reinstate the tuition prepayment contract provided that all delinquent amounts, including an actuarial assessment, and all administrative fees, including late payment fees, have been paid. If within 180 days of default, payment of all monies required to reinstate the tuition prepayment contract are not received, the tuition prepayment contract will be canceled. Refund provisions are provided in Section 19-1295.
Notes
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