NRS 353B.090 Development of Program by Board; amount of tuition under prepaid tuition contract; regulations.

313 words·~1 min read·/nv/chapter-353b-college-savings-programs/353b-090

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. The Board shall develop the Nevada Higher Education Prepaid Tuition Program for the prepayment of tuition for a qualified beneficiary for:

(a)Undergraduate studies at:

(1)A university, state college or community college that is a member of the System;

(2)An accredited college or university in this State that is not a member of the System; or

(3)An accredited community college, college or university in another state.

(b)If any money paid into the Trust Fund under a prepaid tuition contract is remaining after a qualified beneficiary has graduated with an undergraduate degree, for graduate-level studies at:

(1)A university, state college or community college that is a member of the System;

(2)An accredited college or university in this State that is not a member of the System; or

(3)An accredited community college, college or university in another state.

2. The amount of the tuition under a prepaid tuition contract must be at a guaranteed rate which is established based on the annual actuarial study required pursuant to NRS 353B.190 for undergraduate studies at a university, state college or community college that is a member of the System.

3. The Board shall adopt regulations for the implementation of the Program, including, without limitation, regulations setting forth requirements for:

(a)Residency;

(b)A limit on the number of qualified beneficiaries;

(c)The termination, withdrawal and transfer of money paid into the Trust Fund;

(d)A payment received by the Trust Fund as a matching contribution made as described in NRS 363A.137 or 363B.117 to be credited to the qualified beneficiary on whose behalf the matching contribution was made;

(e)The time within which the money paid into the Trust Fund must be used;

(f)Payment schedules; and

(g)A master agreement for the Program.