NAC353B.210. Provision of benefits: Restrictions; termination of contract and refund.

     1. The Board will not provide any benefits pursuant to a contract:

     (a) Earlier than 3 years after the date the first payment is due from the purchaser pursuant to the contract.

     (b) Until:

          (1) The purchaser has paid the entire amount due pursuant to the contract, including any outstanding fees and penalties; and

          (2) The Board has received:

               (I) The social security number of the qualified beneficiary;

               (II) If the qualified beneficiary enrolls in an eligible educational institution that is not a member of the System, at least 60 days’ notice of that enrollment; and

               (III) Any other information relating to the contract requested by the Board.

     (c) Earlier than the expected date of matriculation of the qualified beneficiary, as specified pursuant to NAC 353B.180 or 353B.310, except that the Board may allow the commencement of those benefits not more than 2 years before that date if the qualified beneficiary is a senior in high school and enrolls into an eligible educational institution before that date.

     (d) Later than 6 years, excluding any period during which the qualified beneficiary is on active duty in the Armed Services of the United States or has been actively serving or participating in a charitable, religious or public service assignment or mission, after the expected date of matriculation of the qualified beneficiary, as specified pursuant to NAC 353B.180 or 353B.310.

     (e) If the provision of benefits does not commence before the qualified beneficiary attains the age of 30 years plus any period during which the qualified beneficiary was on active duty in the Armed Services of the United States or has been actively serving or participating in a charitable, religious or public service assignment or mission.

     2. If any benefits cannot be provided pursuant to a contract as a result of the provisions of paragraph (d) or (e) of subsection 1, 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 R150-03, 8-25-2004; R055-09, 10-27-2009)