NAC353B.370. Remittance of payment pursuant to contract; consequences for failure to remit.

     1. A purchaser must remit payments pursuant to a contract on the dates and in the amounts set forth in the schedule for participation and payment provided to the purchaser by the Board.

     2. If a purchaser fails to remit:

     (a) A payment required pursuant to a contract within 30 days after the date the payment is due, the purchaser shall be deemed to be in default.

     (b) The first payment required pursuant to a contract within 90 days after the date the payment is due, the Board may terminate the contract.

     (c) All past due payments required pursuant to a contract within 180 days after the date the purchaser is deemed to be in default pursuant to paragraph (a), the Board may terminate the contract and provide to the purchaser a refund according to the terms of the master agreement.

     (Added to NAC by Bd. of Trustees for Higher Educ. Tuition Trust Fund by R009-99, eff. 11-3-99; A by Bd. of Trustees of College Savings Plans of Nev. by R055-09, 10-27-2009)