Source: https://vacode.org/23-38.81/
Timestamp: 2020-02-25 15:16:07
Document Index: 780490700

Matched Legal Cases: ['§ 23', '§ 23', '§ 23', '§ 55', '§ 2', '§ 2', '§ 2', '§ 23', '§ 23', '§ 23', '§ 34']

(Repealed effective October 1, 2016) Prepaid tuition contracts and college and ABLE savings trust agreements; terms; termination; etc (§ 23-38.81)—Virginia Decoded - Virginia Decoded
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§ 23-38.81 (Repealed effective October 1, 2016) Prepaid . . .
§ 23-38.81
(Repealed effective October 1, 2016) Prepaid tuition contracts and college and ABLE savings trust agreements; terms; termination; etc
D. In addition to the provisions required by subsection A, each prepaid tuition contract shall include provisions for the application of tuition prepayments (i) at accredited, nonprofit, independent institutions of higher education located in Virginia, including actual interest and income earned on such prepayments and (ii) at public and at accredited, nonprofit, independent institutions of higher education located in other states, including principal and reasonable return on such principal as determined by the Board. Payments authorized for accredited, nonprofit, independent institutions located in Virginia may not exceed the projected highest payment made for tuition at a public institution of higher education in Virginia in the same academic year, less a fee to be determined by the Board. Payments authorized for public and for accredited, nonprofit, independent institutions of higher education located in other states may not exceed the projected average payment made for tuition at a public institution of higher education in Virginia in the same academic year, less a fee to be determined by the Board.
E. All prepaid tuition contracts and savings trust agreements shall specifically provide that, if after a specified period of time the contract or savings trust agreement has not been terminated nor the qualified beneficiary’s rights exercised, the Board, after making reasonable effort to contact the purchaser or contributor and the qualified beneficiary or their agents, shall report such unclaimed moneys to the State Treasurer pursuant to § 55-210.12.
F. Notwithstanding any provision of law to the contrary, money in the Plan shall be exempt from creditor process and shall not be liable to attachment, garnishment, or other process, nor shall it be seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any debt or liability of any purchaser, contributor or beneficiary, provided, however, that the state of residence of the beneficiary of an ABLE savings trust account shall be a creditor of such account in the event of the death of the beneficiary.
G. Notwithstanding any other provision of state law that requires consideration of one or more financial circumstances of an individual for the purpose of determining (i) the individual’s eligibility to receive any assistance or benefit pursuant to such provision of state law or (ii) the amount of any such assistance or benefit that such individual is eligible to receive pursuant to such provision of state law, any (a) moneys in an ABLE savings trust account for which such individual is the beneficiary, including any interest on such moneys, (b) contributions to an ABLE savings trust account for which such individual is the beneficiary, and (c) distribution for qualified disability expenses for such individual from an ABLE savings trust account for which such individual is the beneficiary shall be disregarded for such purpose with respect to any period during which such individual remains the beneficiary of, makes contributions to, or receives distributions for qualified disability expenses from such ABLE savings trust account.
H. No contract or savings trust account shall be assigned for the benefit of creditors, used as security or collateral for any loan, or otherwise subject to alienation, sale, transfer, assignment, pledge, encumbrance, or charge.
I. The Board’s decision on any dispute, claim, or action arising out of or related to a prepaid tuition contract or savings trust agreement made or entered into pursuant to this chapter or benefits thereunder shall be considered a case decision as defined in § 2.2-4001 and all proceedings related thereto shall be conducted pursuant to Article 3 (§ 2.2-4018 et seq.) of the Administrative Process Act. Judicial review shall be exclusively provided pursuant to Article 5 (§ 2.2-4025 et seq.) of the Administrative Process Act.
1994, c. 661; 1995, c. 315; 1997, cc. 785, 861; 1999, cc. 485, 518; 2000, cc. 382, 400; 2015, cc. 227, 311; 2016, c. 639.
If you’re reading this for anything important, you should double-check its accuracy—read § 23-38.81 on the official Code of Virginia website.
In Re Nguyen (United States Bankruptcy Court, E.D. Virginia, 09/29/98)
. . . to the property of the estate exempt under §§ 23-38.81, 34-26, 34-27, 34-29, and 64.1-151.3, to . . .
In Re Stoney (United States Bankruptcy Court, E.D. Virginia, 02/09/11)
. . . addition to the property or estate exempt under §§ 23-38.81, 34-26, 34-27, 34-29, and 64.1-151.3, . . .
HB819: Virginia College Savings Plan; acceptance of commemorative coins minted by State Treasurer. (failed)
HB2268: Prepaid tuition contracts; differential tuition. (failed)
HB1035: Elderly care savings trust accounts; established, administered by the Virginia College Savings Plan. (failed)
§ 34-4 (Effective until October 1, 2016) Exemption created