13-55E-1. Definition of terms.

176 words·~1 min read·/sd/title-13/chapter-13-55/13-55e-1

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

Terms used in this chapter mean:

(1)"Advance payment contract," a contract entered into by the executive director and a purchaser pursuant to this chapter to provide for the higher education of a beneficiary;

(2)"Beneficiary," the person designated within the advance payment contract to receive tuition, room and board, or tuition only at a state - supported institution of higher education;

(3)"Executive director," the executive director of the Board of Regents;

(4)"Institution of higher education," any state - supported university;

(5)"Purchaser," any person obligated to make an advance payment of tuition, room and board, or tuition only costs on behalf of a beneficiary pursuant to an advance payment contract;

(6)"Room and board costs," the amount assessed for lodging and regularly scheduled meals provided to students pursuant to a contract for room and board with an institution of higher education;

(7)"Tuition costs," the amount assessed for full - time enrollment at an institution of higher education including mandatory fees imposed upon all full - time students as a condition of enrollment.