(a) The following disqualifying events, if not disproved, will result in forfeiture by the award recipient of the scholarship award:

(b) The Scholarshare Investment Board shall provide the award recipient with written notice of the disqualifying event which, if not resolved, would result in forfeiture. The written notice shall inform the award recipient that he or she has thirty (30) days from receipt of the notice to resolve the disqualifying event before a final determination of forfeiture is made by the Executive Director of the Scholarshare Investment Board and that funds will not be distributed pending resolution of the disqualifying event. If the award recipient receives an unsatisfactory final determination, the award recipient may appeal the determination pursuant to section 31007(b). Such an appeal shall be submitted within thirty (30) days of receipt of the final determination.

(c) After a final determination of forfeiture has been issued and no appeal has been submitted or the Scholarshare Investment Board has upheld the final determination, the Scholarshare Investment Board shall direct its designee to withdraw the forfeited funds from the respective qualified scholarship account and deposit the funds into a forfeiture account within the Scholarshare Trust.