Okla. Stat. tit. 70, § 70-6006: Types of advance tuition payment contracts

A. At a minimum, the Trust shall offer advance tuition payment

contracts of the two types set forth in paragraphs 1 and 2 of this

subsection to be known as Plan A and Plan B, respectively.

1. Under Plan A:

a. a payment or series of payments shall be

required from the purchaser on behalf of a qualified beneficiary,

b. if an advance tuition payment contract is

terminated before a qualified beneficiary earns a high school

diploma or reaches the age of majority, or pursuant to Section 9 of

this act, the Trust shall refund the face amount of the payment or

payments in accordance with the terms of the contract, less any

administrative fee specified in the contract, but shall not refund

any investment income attributable to the payments,

c. except as provided in subparagraph d of this

paragraph, the Trust shall provide for the qualified beneficiary to

attend an institution of higher education which the qualified

beneficiary may attend for the number of credit hours required by

the institution for the awarding of a bachelor's degree, without

further tuition cost to the qualified beneficiary, except as

provided in Section 6 of this act for a qualified beneficiary who is

required to pay nonresident tuition rates,

d. as an alternative to subparagraph c of this

paragraph, the Trust shall provide for the qualified beneficiary to

attend an institution of higher education which the qualified

beneficiary may attend for a fixed number of credit hours, as

permitted by the Trust, less than the total number of credit hours

required by the institution for the awarding of a bachelor's degree,

without further tuition cost to the qualified beneficiary for that

fixed number of credit hours, except as provided in Section 6 of

this act for a qualified beneficiary who is required to pay

nonresident tuition rates.

2. Under Plan B:

a. a payment or series of payments shall be

required on behalf of a qualified beneficiary,

b. if an advance tuition payment contract is

terminated before a qualified beneficiary earns a high school

diploma or reaches the age of majority, or pursuant to Section 9 of

this act, the Trust shall refund the face amount of the payment or

payments in accordance with the terms of the contract, less any

administrative fee specified in the contract, together with all or a

specified portion of accrued investment income attributable to the

payment or payments as may be agreed to in the contract,

c. except as provided in subparagraph d of this

paragraph, the Trust shall provide for the qualified beneficiary to

attend an institution of higher education which the qualified

beneficiary may attend for the number of credit hours required by

the institution for the awarding of a bachelor's degree, without

further tuition cost to the qualified beneficiary, except as

provided in Section 6 of this act for a qualified beneficiary who is

required to pay nonresident tuition rates, and

d. as an alternative to subparagraph c of this

paragraph, the Trust shall provide for the qualified beneficiary to

attend an institution of higher education which the qualified

beneficiary may attend for a fixed number of credit hours, as

permitted by the Trust, less than the total number of credit hours

required by the institution for the awarding of a bachelor's degree,

without further tuition cost to the qualified beneficiary for that

fixed number of credit hours, except as provided in Section 6 of

this act for a qualified beneficiary who is required to pay

nonresident tuition rates.

B. Contracts required to be offered by this section may

require that payment or payments from a purchaser, on behalf of a

qualified beneficiary who may attend a state institution of higher

education in less than four (4) years after the date the contract is

entered into by the purchaser, be based upon attendance at a certain

dent tuition rates.

B. Contracts required to be offered by this section may

require that payment or payments from a purchaser, on behalf of a

qualified beneficiary who may attend a state institution of higher

education in less than four (4) years after the date the contract is

entered into by the purchaser, be based upon attendance at a certain

institution of higher education or at that institution of higher

education with the highest prevailing tuition cost for the number of

credit hours covered by the contract.