{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-6008","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-6008","heading":"Termination of advance tuition payment contracts -","body":"Refunds.\n\nA. An advance tuition payment contract shall authorize a\n\ntermination of the contract when any one of the following occurs:\n\n1. The qualified beneficiary dies;\n\n2. The qualified beneficiary is not admitted to a state\n\ninstitution of higher education after making proper application;\n\n3. The qualified beneficiary certifies to the Regents, after\n\nattaining the age of eighteen (18), that such qualified beneficiary\n\nhas decided not to attend a state institution of higher education\n\nand requests, in writing, that the advance tuition payment contract\n\nbe terminated; or\n\n4. Other circumstances, determined by the Trust and set forth\n\nin the advance tuition payment contract, occur.\n\nB. An advance tuition payment contract shall provide for a\n\nrefund pursuant to this section to a person to whom the refund is\n\npayable under the contract upon termination of the contract. If the\n\nqualified beneficiary has a high school diploma or has reached the\n\nage of majority, and attends an institution of higher education, the\n\namount of a refund shall be the lesser of the average tuition cost\n\nof all state institutions of higher education on the date of\n\ntermination of the contract, or the face amount of the payment or\n\npayments and any accrued investment income attributable to the\n\npayment or payments, or the lowest tuition cost of all state\n\ninstitutions of higher education on the date of termination of the\n\ncontract depending upon the terms of the contract. The amount of a\n\nrefund shall be reduced by an appropriate percentage if the\n\npurchaser entered into an advance tuition payment contract that\n\nprovided for a fixed number of credit hours less than the total\n\nnumber of credit hours required by a state institution of higher\n\neducation for the awarding of a bachelor's degree, by the amount\n\ntransferred to a community or junior college on behalf of a\n\nqualified beneficiary when the contract is terminated as provided in\n\nSection 6 of this act and by the amount transferred to an\n\ninstitution of higher education on behalf of a qualified\n\nbeneficiary. Termination of a contract and the right to receive a\n\nrefund shall not be authorized under the contract if the qualified\n\nbeneficiary has completed more than one-half (1/2) of the credit\n\nhours required by the institution of higher education for the\n\nawarding of a bachelor's degree. However, this provision shall not\n\naffect the termination and refund rights of a graduate of a\n\ncommunity or junior college. Pursuant to this subsection and except\n\nas provided by subsection C of this section, the Trust shall make\n\nrefund payments in equal installments over four (4) years and not\n\nlater than August 15 of the year due.\n\nC. An advance tuition payment shall authorize a person, who is\n\nentitled under the advance tuition payment contract to terminate the\n\ncontract, to direct payment of the refund to a community or junior\n\ncollege located in this state. If directed to make payments\n\npursuant to this subsection, the Trust shall transfer to the\n\ndesignated institution an amount equal to the tuition due for the\n\nqualified beneficiary, but the Trust shall not transfer a cumulative\n\namount greater than the refund to which the person is entitled. If\n\nthe refund exceeds the total amount of transfers directed to the\n\ndesignated institution, the excess shall be returned to the person\n\nto whom the refund is otherwise payable.","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":"e00ff30d0d4609b9a3f94175677da8ff04e7243d9ae96cd9df2849c4dc42863e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-6007","next":"us-ok/okla.-stat.-tit.-70-70-6009"},"notice":"GroundRules: Original legal text. Not legal advice."}