166.215. 1. The trust on behalf of itself and the state,may contract with a purchaser for the advance payment of tuitionby the purchaser for a qualified beneficiary to attend any ofthe state institutions of higher education to which thequalified beneficiary is admitted, without further tuition costto the qualified beneficiary. In addition, an advance tuitionpayment contract shall set forth all of the following:
(1) The amount of the payment or payments required from thepurchaser on behalf of the qualified beneficiary;
(2) The terms and conditions for making the payment,including, but not limited to, the date or dates upon which thepayment, or portions of the payment, shall be due;
(3) Provisions for late payment charges and for default;
(4) The name and age of the qualified beneficiary under thecontract. The purchaser, with the approval of and on conditionsdetermined by the trust, may subsequently substitute anotherperson for the qualified beneficiary originally named;
(5) The number of credit hours or equivalent covered by thecontract;
(6) The name of the person entitled to terminate thecontract, which, as provided by the contract, may be thepurchaser, the qualified beneficiary, or a person to act onbehalf of the purchaser or qualified beneficiary, or anycombination of these persons;
(7) The terms and conditions under which the contract maybe terminated and the amount of the refund, if any, to which theperson terminating the contract, or specifically the purchaseror designated qualified beneficiary if the contract so provides,shall be entitled upon termination;
(8) The assumption of a contractual obligation by the trustto the qualified beneficiary on its own behalf and on behalf ofthe state to provide for credit hours of higher education, notto exceed the credit hours required for the granting of abaccalaureate degree or the number of credit hours provided bythe contract, whichever is less, at any state institution ofhigher education to which the qualified beneficiary is admitted.The advance tuition payment contract shall provide for thecredit hours of higher education that a qualified beneficiarymay receive under the contract if the qualified beneficiary isnot entitled to in-state tuition rates;
(9) The period of time from the beginning to the end ofwhich the qualified beneficiary may receive the benefits underthe contract;
(10) Other terms, conditions, and provisions as the trustconsiders in its sole discretion to be necessary or appropriate.
2. The form of any advance tuition payment contract to beentered into by the trust shall first be approved by theattorney general.
166.215. 1. The trust on behalf of itself and the state,may contract with a purchaser for the advance payment of tuitionby the purchaser for a qualified beneficiary to attend any ofthe state institutions of higher education to which thequalified beneficiary is admitted, without further tuition costto the qualified beneficiary. In addition, an advance tuitionpayment contract shall set forth all of the following:
(1) The amount of the payment or payments required from thepurchaser on behalf of the qualified beneficiary;
(2) The terms and conditions for making the payment,including, but not limited to, the date or dates upon which thepayment, or portions of the payment, shall be due;
(3) Provisions for late payment charges and for default;
(4) The name and age of the qualified beneficiary under thecontract. The purchaser, with the approval of and on conditionsdetermined by the trust, may subsequently substitute anotherperson for the qualified beneficiary originally named;
(5) The number of credit hours or equivalent covered by thecontract;
(6) The name of the person entitled to terminate thecontract, which, as provided by the contract, may be thepurchaser, the qualified beneficiary, or a person to act onbehalf of the purchaser or qualified beneficiary, or anycombination of these persons;
(7) The terms and conditions under which the contract maybe terminated and the amount of the refund, if any, to which theperson terminating the contract, or specifically the purchaseror designated qualified beneficiary if the contract so provides,shall be entitled upon termination;
(8) The assumption of a contractual obligation by the trustto the qualified beneficiary on its own behalf and on behalf ofthe state to provide for credit hours of higher education, notto exceed the credit hours required for the granting of abaccalaureate degree or the number of credit hours provided bythe contract, whichever is less, at any state institution ofhigher education to which the qualified beneficiary is admitted.The advance tuition payment contract shall provide for thecredit hours of higher education that a qualified beneficiarymay receive under the contract if the qualified beneficiary isnot entitled to in-state tuition rates;
(9) The period of time from the beginning to the end ofwhich the qualified beneficiary may receive the benefits underthe contract;
(10) Other terms, conditions, and provisions as the trustconsiders in its sole discretion to be necessary or appropriate.
2. The form of any advance tuition payment contract to beentered into by the trust shall first be approved by theattorney general.
166.215. 1. The trust on behalf of itself and the state,may contract with a purchaser for the advance payment of tuitionby the purchaser for a qualified beneficiary to attend any ofthe state institutions of higher education to which thequalified beneficiary is admitted, without further tuition costto the qualified beneficiary. In addition, an advance tuitionpayment contract shall set forth all of the following:
(1) The amount of the payment or payments required from thepurchaser on behalf of the qualified beneficiary;
(2) The terms and conditions for making the payment,including, but not limited to, the date or dates upon which thepayment, or portions of the payment, shall be due;
(3) Provisions for late payment charges and for default;
(4) The name and age of the qualified beneficiary under thecontract. The purchaser, with the approval of and on conditionsdetermined by the trust, may subsequently substitute anotherperson for the qualified beneficiary originally named;
(5) The number of credit hours or equivalent covered by thecontract;
(6) The name of the person entitled to terminate thecontract, which, as provided by the contract, may be thepurchaser, the qualified beneficiary, or a person to act onbehalf of the purchaser or qualified beneficiary, or anycombination of these persons;
(7) The terms and conditions under which the contract maybe terminated and the amount of the refund, if any, to which theperson terminating the contract, or specifically the purchaseror designated qualified beneficiary if the contract so provides,shall be entitled upon termination;
(8) The assumption of a contractual obligation by the trustto the qualified beneficiary on its own behalf and on behalf ofthe state to provide for credit hours of higher education, notto exceed the credit hours required for the granting of abaccalaureate degree or the number of credit hours provided bythe contract, whichever is less, at any state institution ofhigher education to which the qualified beneficiary is admitted.The advance tuition payment contract shall provide for thecredit hours of higher education that a qualified beneficiarymay receive under the contract if the qualified beneficiary isnot entitled to in-state tuition rates;
(9) The period of time from the beginning to the end ofwhich the qualified beneficiary may receive the benefits underthe contract;
(10) Other terms, conditions, and provisions as the trustconsiders in its sole discretion to be necessary or appropriate.
2. The form of any advance tuition payment contract to beentered into by the trust shall first be approved by theattorney general.
