S.C. Code Regs. 19-1278 - Contract Cancellation
A. Tuition
prepayment contract cancellation shall be an action by the director.
B. Cancellation will occur under the
following circumstances:
1. A determination of
fraud or any misrepresentation on the part of the contributor to include, but
not be limited to, misrepresentation of the residency of a designated
beneficiary at the time of application;
2. The nonpayment of any required payments
due within the established time frames;
3. The designated beneficiary reached his or
her thirtieth (30 th) birthday prior to exhausting the benefits of the tuition
prepayment contract; or
4. Any
other event including, but not limited to, a determination of fiscal or
actuarial soundness of the Fund, as may be determined by the
director.
Notes
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