NAC353B.140. Development of master agreement by Board; review and amendment.

     1. The Board will develop a master agreement for the Program. The master agreement must include, without limitation:

     (a) Information concerning the Program;

     (b) The obligations of the Program to a purchaser and a qualified beneficiary;

     (c) The qualifications of a purchaser and a qualified beneficiary;

     (d) The requirements for enrollment in the Program;

     (e) The methods of payment;

     (f) The method for the distribution and payment of benefits;

     (g) An explanation of the operation of the Trust Fund; and

     (h) General provisions, including, without limitation, provisions concerning:

          (1) The termination of a contract or the master agreement;

          (2) Refunds;

          (3) Conversions of a contract;

          (4) Amendments to a contract or the master agreement;

          (5) Arbitration;

          (6) Limited liability;

          (7) The prohibition on the sale of contracts; and

          (8) Any other provisions as determined by the Board.

     2. The Board will review and amend the master agreement, as necessary. Any amendment to the master agreement will apply to all contracts which are affected by the amendment. The Board will amend a contract, if necessary, based upon an amendment to the master agreement. If a purchaser does not agree to an amendment to the master agreement or the contract, the purchaser may cancel the contract and receive a refund according to the terms of the master agreement.

     (Added to NAC by Bd. of Trustees of College Savings Plans of Nev. by R055-09, eff. 10-27-2009)