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

S.C. Code Regs. 19-1278

Added by State Register Volume 22, Issue No. 6, Part 1, eff June 26, 1998.