{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-6006","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-6006","heading":"Types of advance tuition payment contracts","body":"A. At a minimum, the Trust shall offer advance tuition payment\n\ncontracts of the two types set forth in paragraphs 1 and 2 of this\n\nsubsection to be known as Plan A and Plan B, respectively.\n\n1. Under Plan A:\n\na. a payment or series of payments shall be\n\nrequired from the purchaser on behalf of a qualified beneficiary,\n\nb. if an advance tuition payment contract is\n\nterminated before a qualified beneficiary earns a high school\n\ndiploma or reaches the age of majority, or pursuant to Section 9 of\n\nthis act, the Trust shall refund the face amount of the payment or\n\npayments in accordance with the terms of the contract, less any\n\nadministrative fee specified in the contract, but shall not refund\n\nany investment income attributable to the payments,\n\nc. except as provided in subparagraph d of this\n\nparagraph, the Trust shall provide for the qualified beneficiary to\n\nattend an institution of higher education which the qualified\n\nbeneficiary may attend for the number of credit hours required by\n\nthe institution for the awarding of a bachelor's degree, without\n\nfurther tuition cost to the qualified beneficiary, except as\n\nprovided in Section 6 of this act for a qualified beneficiary who is\n\nrequired to pay nonresident tuition rates,\n\nd. as an alternative to subparagraph c of this\n\nparagraph, the Trust shall provide for the qualified beneficiary to\n\nattend an institution of higher education which the qualified\n\nbeneficiary may attend for a fixed number of credit hours, as\n\npermitted by the Trust, less than the total number of credit hours\n\nrequired by the institution for the awarding of a bachelor's degree,\n\nwithout further tuition cost to the qualified beneficiary for that\n\nfixed number of credit hours, except as provided in Section 6 of\n\nthis act for a qualified beneficiary who is required to pay\n\nnonresident tuition rates.\n\n2. Under Plan B:\n\na. a payment or series of payments shall be\n\nrequired on behalf of a qualified beneficiary,\n\nb. if an advance tuition payment contract is\n\nterminated before a qualified beneficiary earns a high school\n\ndiploma or reaches the age of majority, or pursuant to Section 9 of\n\nthis act, the Trust shall refund the face amount of the payment or\n\npayments in accordance with the terms of the contract, less any\n\nadministrative fee specified in the contract, together with all or a\n\nspecified portion of accrued investment income attributable to the\n\npayment or payments as may be agreed to in the contract,\n\nc. except as provided in subparagraph d of this\n\nparagraph, the Trust shall provide for the qualified beneficiary to\n\nattend an institution of higher education which the qualified\n\nbeneficiary may attend for the number of credit hours required by\n\nthe institution for the awarding of a bachelor's degree, without\n\nfurther tuition cost to the qualified beneficiary, except as\n\nprovided in Section 6 of this act for a qualified beneficiary who is\n\nrequired to pay nonresident tuition rates, and\n\nd. as an alternative to subparagraph c of this\n\nparagraph, the Trust shall provide for the qualified beneficiary to\n\nattend an institution of higher education which the qualified\n\nbeneficiary may attend for a fixed number of credit hours, as\n\npermitted by the Trust, less than the total number of credit hours\n\nrequired by the institution for the awarding of a bachelor's degree,\n\nwithout further tuition cost to the qualified beneficiary for that\n\nfixed number of credit hours, except as provided in Section 6 of\n\nthis act for a qualified beneficiary who is required to pay\n\nnonresident tuition rates.\n\nB. Contracts required to be offered by this section may\n\nrequire that payment or payments from a purchaser, on behalf of a\n\nqualified beneficiary who may attend a state institution of higher\n\neducation in less than four (4) years after the date the contract is\n\nentered into by the purchaser, be based upon attendance at a certain\ndent tuition rates.\n\nB. Contracts required to be offered by this section may\n\nrequire that payment or payments from a purchaser, on behalf of a\n\nqualified beneficiary who may attend a state institution of higher\n\neducation in less than four (4) years after the date the contract is\n\nentered into by the purchaser, be based upon attendance at a certain\n\ninstitution of higher education or at that institution of higher\n\neducation with the highest prevailing tuition cost for the number of\n\ncredit hours covered by the contract.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a4e60d27cf95586fd1b017cf267d2c153f9177f78315c114d060412a15a342ac","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-6005","next":"us-ok/okla.-stat.-tit.-70-70-6007"},"notice":"GroundRules: Original legal text. Not legal advice."}