South Carolina Code of Regulations
Chapter 19 - STATE BUDGET AND CONTROL BOARD
Article 12 - THE SOUTH CAROLINA TUITION PREPAYMENT PROGRAM REGULATIONS
Section 19-1278 - Contract Cancellation
Universal Citation: SC Code Regs 19-1278
Current through Register Vol. 48, No. 3, March 22, 2024
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.
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