13-55E-11. Nonutilization of advance payment contract--Refunds.
If the beneficiary dies, is not admitted to an institution of higher education following proper application, elects to not attend an institution of higher education or if attending, elects to discontinue higher education or for any other circumstance approved by the executive director does not utilize the advance payment contract, the executive director shall terminate or modify the contract and except as provided under §13-55E-3, refund to the purchaser, to any person designated by the purchaser by contract or to the legal representative of the purchaser, the amount of the one-time advance payment together with interest compounded annually at a rate of four percent. A purchaser or other qualified person may request a refund in accordance with this section at any time following the one-time advance payment. The amount of refund payable under this section shall be proportionately reduced for each academic semester the beneficiary attends an institution of higher education.
Source: SL 1994, ch 145, §11.
Structure South Dakota Codified Laws
Chapter 55E - Advance Payment Of Higher Education Costs
Section 13-55E-1 - Definition of terms.
Section 13-55E-2 - Advance payment contract--Time limitations of benefits.
Section 13-55E-3 - Reduction of time limitations of benefits.
Section 13-55E-4 - Specification of payment options.
Section 13-55E-5 - Limitation on tuition benefits in excess of resident tuition costs.
Section 13-55E-7 - Nontransferability--Substitution of beneficiary.
Section 13-55E-8 - Deposits of payments--State fund.
Section 13-55E-9 - Expenditures from fund--Administration costs and fees.
Section 13-55E-10 - Schedule for payment to institutions of higher education.
Section 13-55E-11 - Nonutilization of advance payment contract--Refunds.