NAC353B.620. Conditions under which Plan Investment Manager may refuse to open account.

The Plan Investment Manager may, without limitation, refuse to open an account if:

     1. The applicant is not eligible to be an account owner.

     2. The applicant has not provided all the information required by the participation agreement.

     3. The total account balance of all accounts for the same designated beneficiary in the Program and the Nevada Higher Education Prepaid Tuition Program is greater than or equal to the maximum aggregate balance for the accounts of a designated beneficiary established by the Board pursuant to NAC 353B.655. If more than one applicant has submitted an application and an initial contribution or selection of contribution method to open an account for the same designated beneficiary, and all contributions, together with the total account balance of all existing accounts for that designated beneficiary, would exceed the maximum aggregate balance for the accounts of a designated beneficiary established by the Board pursuant to NAC 353B.655, the Program Manager will allow a Plan Investment Manager to accept applications to open accounts for the designated beneficiary in the order of their receipt until the maximum limit has been reached.

     4. The execution of a participation agreement between the Plan Investment Manager and the applicant violates any federal or state law.

     5. The Board determines that, for any other reason, it would be advisable to limit the number of accounts in the particular plan managed by that Plan Investment Manager.

     (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002; A by R054-09, 10-27-2009)