Kansas Administrative Regulations
Agency 3 - KANSAS STATE TREASURER
Article 4 - LOW-INCOME FAMILY POSTSECONDARY SAVINGS ACCOUNTS INCENTIVE PROGRAM
Section 3-4-7 - Forfeit of matching grant funds
Current through Register Vol. 43, No. 12, March 20, 2024
(a)
(b) If the treasurer determines that the account owner has made a material misrepresentation on the application, all matching grant funds resulting from the application shall be forfeited.
(c) If a participant account ever becomes reportable as unclaimed property under K.S.A. 58-3934 et seq. and amendments thereto or the unclaimed property laws of any other state, the remaining balance in the corresponding matching grant account shall be forfeited.
(d) For participants who are enrolled in the matching grant program on or after January 1, 2010, if the account owner changes the beneficiary of the participant account, all funds in the corresponding matching grant account shall be forfeited regardless of when the matching grant was provided by the state.
(e) All forfeited funds shall be returned to the Kansas postsecondary education savings trust fund.
This regulation shall be effective on and after January 1, 2010.