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§ 6901.314. Safeguards and protections

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 24 P.S. EducationEffective: August 21, 2000

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 24 P.S. Education
Chapter 45. Tuition Account Programs and College Savings Bond Act (Refs & Annos)
Chapter 3. Tuition Account Programs
Effective: August 21, 2000
24 P.S. § 6901.314
§ 6901.314. Safeguards and protections
Currentness
(a) General rule.--Nothing in this chapter or in a Tuition Account Program Contract entered into pursuant to this chapter shall be construed as a promise or guarantee by the department that a person will be admitted to an institution of higher education, will be allowed to continue to attend an institution of higher education after having been admitted or will be graduated from an institution of higher education.
(b) Disclosure.--Tuition Account Program Contracts shall disclose the following information in writing to each account owner or prospective owner of a tuition account:
(1) The terms and conditions for purchasing a tuition account.
(2) Any restrictions on the substitution of beneficiaries.
(3) The time period during which and the purposes for which a designated beneficiary may receive benefits under the program established in section 309.1.
(4) The terms and conditions under which money may be withdrawn from an account, the reasonable charges that may apply and the penalty for a nonqualified withdrawal.
(5) The probable tax consequences associated with contributions to and withdrawals from a tuition account.
(6) All other rights and obligations pertaining to participation in the program.
(c) Construction.--Nothing in this chapter can be construed to:
(1) Give any designated beneficiary any rights or legal interest in an account unless the designated beneficiary is also the account owner.
(2) Establish State residency for an individual solely because that individual is a designated beneficiary of an account established under this act.

Credits

1992, April 3, P.L. 28, No. 11, § 314, imd. effective. Amended 2000, June 22, P.L. 418, No. 58, § 5, effective in 60 days.
24 P.S. § 6901.314, PA ST 24 P.S. § 6901.314
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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