Mississippi Administrative Code
Title 38 - Treasurer
Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts)
Chapter 8 - Contract Purchaser
Rule 38-2-8.4 - Change of MPACT Contract Purchaser and Contingent Purchaser

Universal Citation: MS Code of Rules 38-2-8.4
Current through September 24, 2024

All requests to transfer ownership of the MPACT Contract to a different Purchaser must be submitted, in writing, to the State Treasurer. The request must contain the signatures of both the current Purchaser and the Purchaser to whom ownership of the Contract is being transferred, unless the Purchaser has died or become disabled and cannot furnish a signature. If the current Purchaser has died or become disabled, proof of death or Disability, in such form as deemed acceptable by the State Treasurer, must accompany the written request for a change in Purchaser in lieu of the current Purchaser's signature. Any request for a change in Purchaser must also contain the MPACT Contract Number as well as the name, address, social security number, and telephone number of the new Purchaser. The request must also be accompanied by the applicable Administrative Fee(s) as described in Rule 12.1 and 12.2 G. See Rule 9.5 for additional restrictions applicable to UTMA/UGMA accounts.

If the current Purchaser has died, the Contingent Purchaser listed on the Contract will be named Purchaser once proof of death is received in such form deemed acceptable by the State Treasurer and the designated Contingent Purchaser acknowledges that he/she accepts the responsibilities of the original Contract Purchaser. In the event the MPACT Contract does not have a Contingent Purchaser listed, proof of death, in such form as deemed acceptable by the State Treasurer, must accompany the written request for a change in Purchaser in lieu of the current Purchaser's signature.

If the current Purchaser has died or becomes disabled, and no Contingent Purchaser is named the request for transfer of Contract ownership should be submitted to the State Treasurer within six (6) months of the death or disability. Failure to submit the request within six months may result in Involuntary Termination of the MPACT Contract. The refund provisions of Chapter 15 Rule 15.8 will apply.

Miss. Code Ann. § 37-155-9 (Rev. 2003).

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