In the event the State of South Carolina determines by law or otherwise that the fund should be discontinued and all tuition prepayment contracts canceled, contributors shall be entitled to a refund of all payments to the fund plus interest on these contributions from the date payment is made at the rate of four percent per annum. Notwithstanding any other provision of this chapter or of law, if the fund does not have sufficient monies to make such refunds, the deficiencies shall be paid from the general fund of the State.
HISTORY: 1999 Act No. 88, Section 1.
Structure South Carolina Code of Laws
Chapter 4 - South Carolina Tuition Prepayment Program
Section 59-4-10. Short title; purpose.
Section 59-4-50. Undertakings payable solely from fund monies.
Section 59-4-60. Cooperation and assistance from state entities.
Section 59-4-65. Discontinuing fund; contributor refunds and deficiencies.
Section 59-4-70. Annual financial report.
Section 59-4-80. Application of Internal Revenue Service rulings.
Section 59-4-90. Payroll deductions.
Section 59-4-110. New participants prohibited.
Section 59-4-120. Tuition increase above seven percent prohibited for participating institutions.