reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 10 - Administrative Fees › Rule 38-3-10.3 - Application Processing Fee

Current through June 25, 2024
A sixty dollar ($60.00) Application Processing Fee will be
				  collected for each MPACT Application at the time that the Application is
				  submitted to the State Treasurer. An Application will not be accepted unless
				  the full amount of the Application Processing Fee is submitted along with the
				  Application.
In general, the Application Processing Fee is nonrefundable.
				  The Application Processing Fee will only be refunded if the MPACT Application
				  is rejected and the Purchaser is denied participation in the MPACT Program
				  through no fault of the Purchaser.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 10 - Administrative Fees › Rule 38-3-10.4 - Account Maintenance Fee

Current through June 25, 2024
All MPACT Contract payments include a nonrefundable Account
				  Maintenance Fee. The Account Maintenance Fee is 5% of the specific Contract
				  price being purchased by the Purchaser. The Account Maintenance Fee is utilized
				  to pay the MPACT Program's administrative expenses. Refunds of amounts paid
				  into the Trust Fund may not be available until the Purchaser has paid more than
				  the Account Maintenance Fee into the Fund for their specific plan
				  type.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 10 - Administrative Fees › Rule 38-3-10.5 - Cancellation Fee - An MPACT Contract may be Cancelled for any of the following

Current through June 25, 2024
A. The Purchaser
				submits a written request.
B. The
				Purchaser fails to make payments pursuant to the Master MPACT and/or the
				Participation and Payment Schedule.
C. The Purchaser fails to make a Contract
				payment within forty-five (45) days of the first payment due date following the
				close of the MPACT Enrollment period during which the MPACT Application was
				submitted.
Fifty percent (50%) of the amount paid into the Trust Fund,
				  up to a maximum of one hundred fifty dollars ($150.00), excluding
				  Administrative Fees, will be assessed upon the Cancellation of an MPACT
				  Contract. The Cancellation Fee will be waived in the event of death or
				  disability of the Qualified Beneficiary or with proof of scholarship.
In the event of death or disability of the Qualified
				  Beneficiary, the Purchaser must submit acceptable documentation along with a
				  written request at the time of application for a refund.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 10 - Administrative Fees › Rule 38-3-10.6 - Involuntary Termination Fee

Current through June 25, 2024
An MPACT Contract may be Involuntarily Terminated for any of
				  the following reasons:
A. The Purchaser
				or Beneficiary has made a material misrepresentation of information;
B. The Purchaser or Beneficiary has provided
				false information to the MPACT Program;
C. The Purchaser has requested or accepted
				any form of compensation, fee, commission, service charge or any other form of
				payment or remuneration for entering into a Contract for the benefit of a
				nonresident Beneficiary; or
D. Such
				other reasons as the State Treasurer may reasonably impose.
If the MPACT Contract is Terminated, a Termination Fee of one
				  hundred percent (100%) of the amounts paid into the Trust Fund, excluding
				  Administrative Fees, up to a maximum of five hundred dollars ($1,500.00) will
				  be assessed. Any refund due to the Purchaser of amounts paid into the Trust
				  Fund, in the event of Termination of the MPACT Contract, is addressed in Rule
				  13.6.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 10 - Administrative Fees › Rule 38-3-10.7 - Fee for Change of Contract Purchaser and Contingent Purchaser

Current through June 25, 2024
A twenty five dollar ($25.00) fee will be assessed to change
				  of the MPACT Contract Purchaser and/or Contingent Purchaser in accordance with
				  the provisions of Rule 6.3 herein. In the event of death or disability of the
				  current Purchaser, this fee may be waived.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 10 - Administrative Fees › Rule 38-3-10.8 - Fee for Enrollment in Independent/Private In-State Postsecondary or Graduate Institution or in Out-of State Postsecondary or Graduate Institution

Current through June 25, 2024
In the event a Qualified Beneficiary elects to attend an
				  Independent/Private In-State Postsecondary or Graduate Institution or an
				  Out-of-State Postsecondary or Graduate Institution, or in the event a Qualified
				  Beneficiary transfers from an In-State Institution of Higher Education
				  Postsecondary or Graduate Institution to an Independent/Private In-State
				  Postsecondary or Graduate Institution or to an Out-of-State Postsecondary or
				  Graduate Institution, the Contract benefits will be transferred to such other
				  Postsecondary or Graduate Institution in accordance with the provisions of
				  Chapter 11. Each time a transfer occurs, the MPACT Contract Purchaser may be
				  assessed a twenty-five dollar ($25.00) processing fee.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 10 - Administrative Fees › Rule 38-3-10.9 - Late Payment Fee

Current through June 25, 2024
A late payment fee of twenty dollars ($20.00) shall
				  automatically be assessed on each monthly MPACT Contract payment received more
				  than fifteen (15) days past the payment due date. An Actuarial Assessment of 1%
				  per month will automatically be assessed on each lump-sum payment received more
				  than fifteen (15) days past the payment due date. For accounts with partial
				  lump sums and monthly payments, the fee for late payment will be twenty dollars
				  ($20.00) or 1% whichever is greater.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 10 - Administrative Fees › Rule 38-3-10.10 - Fee for Return Items

Current through June 25, 2024
A thirty dollar ($30.00) returned item fee shall
				  automatically be assessed for any returned item including, but not limited to,
				  payment made by check or through ACH (Automatic Clearing House). Such payments
				  include both MPACT Contract payments and Administrative Fee payments that are
				  returned.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 10 - Administrative Fees › Rule 38-3-10.11 - Fee for Document Replacement or Copies

Current through June 25, 2024
Except as provided herein, Purchasers and/or Beneficiaries
				  shall automatically be assessed a ten dollar ($10.00) fee per document (not per
				  page) when requesting more than one copy, or a replacement copy, of any MPACT
				  document including, but not limited to, the MPACT Application, the
				  Participation and Payment Schedule, the Master MPACT, the coupon book, and the
				  identification card. For lengthy documents, for documents requiring additional
				  postage beyond the basic postage rate for a first class letter, and for
				  documents requiring overnight delivery, the State Treasurer may assess an
				  additional amount above the ten dollar ($10.00) fee. The additional amount
				  shall not exceed twenty five dollars ($25.00) per request from the Contract
				  Purchaser.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 10 - Administrative Fees › Rule 38-3-10.12 - Fee for Changes in Payment Schedule

Current through June 25, 2024
A twenty five dollar ($25.00) processing fee will be
				  assessed for a change in payment schedule.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 11 - Attendance at Independent/Private In-state or Out-of State Postsecondary Institutions › Rule 38-3-11.1 - Utilization of MPACT Contract Benefits at Independent/Private or Out-of-State Postsecondary or Graduate Institutions

Current through June 25, 2024
In the event the Qualified Beneficiary matriculates in an
				  Independent/Private In-State Postsecondary or Graduate Institution or in an
				  Out-of-State Postsecondary or Graduate Institution, the Current Tuition Value
				  will be forwarded each academic term to the Postsecondary Institution on an
				  academic equivalent hourly basis subject to the provisions of the MPACT
				  Contract described in Rule 9.2. In no case will the amount forwarded ever
				  exceed the cost of undergraduate or graduate Tuition plus Mandatory Fees of the
				  Postsecondary Institution to which the money is forwarded for the particular
				  academic hours and term in question. Forwarding of MPACT Contract benefits
				  under this Chapter will be made only when all of the following have
				  occurred:
A. The Purchaser has
				submitted a written request and all applicable Administrative Fees to the State
				Treasurer for transfer of the MPACT Contract benefits. The request should be
				submitted not less than sixty (60) days in advance of the first academic term
				for which the MPACT Contract benefits are to be paid.
B. The Purchaser has paid the applicable
				Administrative Fee(s) in accordance with Rule 10.8.
C. The State Treasurer has received a valid
				invoice from the Beneficiary's Postsecondary or graduate Institution after the
				end of the Institution's official drop/add period for each academic term for
				which MPACT Contract benefits are to be paid.
Failure to comply with the sixty (60) day requirements in
				  this Chapter may result in the delay or unavailability of the MPACT Contract
				  benefits until the following academic term.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003), §
										37-155-11.
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 12 - Termination or Cancellation › Rule 38-3-12.1 - General

Current through June 25, 2024
Unless otherwise stated herein, Termination or Cancellation
				  of an MPACT Contract shall result in a refund to the Purchaser only after
				  payment of applicable Administrative Fees.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 12 - Termination or Cancellation › Rule 38-3-12.2 - Individual Entitled to Cancel an MPACT Contract

Current through June 25, 2024
The person entitled to cancel an MPACT Contract is the named
				  Contract Purchaser.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 12 - Termination or Cancellation › Rule 38-3-12.3 - Individual Entitled to Receive Refunds

Current through June 25, 2024
Unless otherwise stated herein, the individual entitled to
				  receive any refunds which may be due under an MPACT Contract is the named
				  Contract Purchaser.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 13 - Refunds › Rule 38-3-13.1 - General

Current through June 25, 2024
Unless otherwise stated herein, refunds will be paid to the
				  Purchaser. Refund amounts will be based on the reason for Terminating or
				  Cancelling an MPACT Contract. Except as provided herein, refunds shall include
				  the amount paid into the Trust Fund. The Board may impose reasonable charges
				  for such withdrawal or refund. Termination of student status after the official
				  drop/add period eliminates the refund option for that academic term.
If a Qualified Beneficiary does not receive course credit for
				  credit hours paid under an MPACT Contract, a refund will not be available for
				  these credit hours. Furthermore, once the Trust Fund has paid a Postsecondary
				  Institution for credit hour(s) on behalf of a Qualified Beneficiary, the
				  hour(s) paid to the Postsecondary Institution reduce the total number of credit
				  hours available for calculation of any refund amount that may be due to the
				  Purchaser.
If the Qualified Beneficiary achieves a baccalaureate degree
				  in fewer than the maximum number of credit hours guaranteed under an MPACT
				  Contract and/or in fewer than the number of academic terms for which payment of
				  Mandatory Fees is guaranteed under the Contract, the Purchaser may request a
				  refund of the Redemption Value as defined in Rule 5.1 AA.
Unless otherwise specified herein, refunds may be paid in
				  installments as determined by the State Treasurer. The amount of the refund
				  installments will be calculated by the State Treasurer at the time the written
				  request for a refund is approved. Unless otherwise stated herein, the refund
				  installments will be paid to the Purchaser. The State Treasurer is not
				  responsible for any refunds that may be payable by the Postsecondary
				  Institutions.
A Purchaser who voluntarily cancels their Contract will be
				  allowed to reinstate up to the point where a refund check is issued. If the
				  Purchaser changes their mind regarding Cancellation after issuance of a refund
				  check, they must purchase a new Contract during the next Enrollment Period at
				  that Enrollment Period's prices.
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 13 - Refunds › Rule 38-3-13.2 - Refund in the Event of Receipt of a Full or Partial Scholarship by A Qualified Beneficiary

Current through June 25, 2024
If a Qualified Beneficiary is awarded a Full or Partial
				  Scholarship, the terms of which fully or partially cover the benefits
				  guaranteed in the MPACT Contract, the Contract Purchaser may elect to cancel
				  the MPACT Contract and request a refund under Rule 13.5 herein. The refund will
				  be equal to the Redemption Value of the Contract. If the Purchaser does not
				  cancel the MPACT Contract, MPACT will pay the college or university based on
				  the invoice submitted by the Postsecondary Institution and subject to the
				  provisions of MPACT stated in these Rules, Regulations, and Procedures. If a
				  Qualified Beneficiary is awarded a Full or Partial Scholarship, the terms of
				  which fully or partially cover the benefits guaranteed in the MPACT Contract
				  and the Trust Fund pays, based on the invoice from the Institution, the full
				  amount of the MPACT Contract to the college or university attended by the
				  Beneficiary, it shall be the responsibility of the Purchaser to request a
				  refund of the overpayment of Tuition and Fees from the college or university.
				  If the college or university invoices the Trust Fund for a reduced amount of
				  Tuition and Mandatory Fees, i.e., an amount less than that Contracted for by
				  the Purchaser in the MPACT Contract, then the Purchaser shall request a refund
				  from the Trust Fund of the difference between the invoiced amount and the
				  amount for which the Purchaser contracted, and the refund will be made by the
				  Trust Fund directly to the Purchaser, based on the appropriate
				  documentation.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 13 - Refunds › Rule 38-3-13.3 - Refund if the Beneficiary Matriculates in a Military College or University

Current through June 25, 2024
In the event the MPACT Contract Beneficiary matriculates in
				  one of the U.S. Government sanctioned military academies listed below, such
				  that Tuition and Mandatory Fees are not charged, the Purchaser will receive a
				  refund equal to the sum of all MPACT Contract payments paid to date, excluding
				  all Administrative Fees, minus any amount paid by the Trust Fund to
				  Postsecondary Institutions on behalf of the Qualified Beneficiary. A request
				  for a refund should be submitted within sixty (60) days of the Beneficiary's
				  enrollment in the military college or university and must be accompanied by
				  written documentation, deemed acceptable by the State Treasurer, evidencing
				  enrollment. Otherwise, the refund provisions of Rule 13.6 may apply. The
				  provisions herein apply to attendance at any one of the following military
				  academies:
A. The United States Air
				Force Academy in Colorado Springs, Colorado
B. The United States Naval Academy in
				Annapolis, Maryland
C. The United
				States Military Academy at West Point, New York
D. The United States Merchant Marine Academy
				at Kings Point, New York
E. The
				United States Coast Guard Academy in New London, Connecticut
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 13 - Refunds › Rule 38-3-13.4 - Refund if the Beneficiary Matriculates in a Postsecondary Institution Located Outside of the United States

Current through June 25, 2024
If the Beneficiary matriculates in a Postsecondary
				  Institution located outside of the United States, the MPACT Contract Purchaser
				  may receive a refund of the Redemption Value of the Contract. The Cancellation
				  Fee will be waived. The Contract Purchaser must submit a written request for a
				  refund and must furnish written documentation, acceptable to the State
				  Treasurer, substantiating the Beneficiary's attendance at a Postsecondary
				  Institution located outside of the United States.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 13 - Refunds › Rule 38-3-13.5 - Refund in the Event Qualified Beneficiary Graduates With Unused Contract Hours

Current through June 25, 2024
If the Qualified Beneficiary achieves a baccalaureate degree
				  in fewer than the maximum number of credit hours guaranteed under an MPACT
				  Contract and/or in fewer than the number of academic terms for which payment of
				  Mandatory Fees is guaranteed under the Contract, the Purchaser may request a
				  refund of the Redemption Value as defined in Rule 5.1 AA. Such requests must be
				  in writing and include appropriate written documentation, acceptable to the
				  State Treasurer.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 13 - Refunds › Rule 38-3-13.6 - Other Refunds

Current through June 25, 2024
Refunds for reasons or circumstances other than those
				  stipulated above in Rules
				  3.1,
				  3.2, 3.3, 3.4 and 3.5 may only be made to the Purchaser upon written request by
				  the Purchaser after submission of all documentation required by the State
				  Treasurer to substantiate the refund request, and after payment of the required
				  Administrative Fee(s).
The Purchaser will be entitled to a refund equal to the
				  Redemption Value of the Contract. A refund under this rule will not include
				  credit hours or Mandatory Fees paid by the Trust Fund on behalf of the
				  Qualified Beneficiary prior to the time of refund. A Cancellation Fee will also
				  be charged.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 14 - Rollovers › Rule 38-3-14.1 - General

Current through June 25, 2024
Qualified Rollover Distributions are not subject to taxation
				  or penalty. Rollover Distributions include both:
A. Transfers between a QTP operated by one
				state and a QTP operated by another state; or,
B. Transfers between separate QTP's operated
				by the same state.
These changes can be made as a non-taxable event without
				  penalty or additional tax if there is a change of Beneficiary and the new
				  Beneficiary is a "member of the family" of the previous Beneficiary. Account
				  Owners may also rollover from one QTP to another for the same Beneficiary once
				  every twelve (12) months without incurring state or federal income tax, any
				  penalty or the additional tax, so long as the transfer occurs within sixty (60)
				  days of the original withdrawal.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 14 - Rollovers › Rule 38-3-14.2 - Rollovers from MACS to MPACT

Current through June 25, 2024
Purchasers desiring to transfer money from a MACS Account to
				  an MPACT Contract must contact the MACS Program Manager to request a rollover.
				  Purchasers should also complete, sign and transmit to MPACT the official MPACT
				  Rollover Form.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 14 - Rollovers › Rule 38-3-14.3 - Rollovers from MPACT to MACS

Current through June 25, 2024
Purchasers desiring to transfer money from an MPACT Contract
				  to a MACS Account must complete, sign and transmit to MPACT the official
				  Rollover Form. The MACS Account must be already open and a MACS Account Number
				  provided at the time of the request.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 14 - Rollovers › Rule 38-3-14.4 - Rollovers from QTP's (529 Plans) Operated by Other States to MPACT

Current through June 25, 2024
It is the responsibility of the Purchaser to notify the
				  other QTP and request that the proper amount be sent to MPACT. Purchasers
				  should also complete, sign and transmit to MPACT the official MPACT Rollover
				  Form as notification to expect the rollover payment.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 14 - Rollovers › Rule 38-3-14.5 - Rollovers from MPACT to a QTP (529 Plan) Operated by Other States

Current through June 25, 2024
Purchasers desiring to transfer money from their MPACT
				  Contract to a QTP operated by another state must complete, sign and transmit to
				  MPACT the official Rollover Form. The QTP Account must be already opened and an
				  account number and payment address provided at the time of the request.
MPACT will provide the other QTP with a breakdown between
				  interest and return of principal along with the rollover
				  payment.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 15 - Special Petition › Rule 38-3-15.1 - General

Current through June 25, 2024
Any individual, corporation, organization, or other Entity
				  desiring to petition for relief from the Rules, Regulations, and/or Procedures
				  dictated herein may do so by filing a written petition with the State
				  Treasurer. The petition shall contain the name and address of the person
				  requesting relief; the specific nature of the relief requested; the name and
				  address of any Purchaser or Beneficiary on any disputed MPACT Contract; the
				  MPACT Contract account number(s) of the Contract(s) in question; the rule,
				  regulation, and/or procedure from which the Petitioner is requesting relief;
				  the date of request; the social security number or tax identification number of
				  the Beneficiary and of the Purchaser; and the sworn signature of the
				  petitioner. The response to the petition will be in writing and will be made
				  within forty-five (45) days of receipt of the petition from the individual
				  requesting relief. The State Treasurer, or his/her designee, has the authority
				  to respond to the petition on behalf of the Board of Directors.
Any individual or Entity as described above may appeal to the
				  Board of Directors an adverse ruling by the Treasurer, or the Treasurer and
				  MPACT Director may decide at their discretion that an appeal by any Entity as
				  described above should be considered by the MPACT Board of Directors. In such
				  cases, the written statement of the petitioner shall be forwarded to the
				  appropriate committee of the Board and the matter placed on the agenda for the
				  next meeting of that committee. The committee shall consider the appeal and
				  make a recommendation as to the appeal to the entire Board. The person making
				  such an appeal may request or be requested to appear in person at a meeting of
				  a committee or the Board, at the discretion of the committee or Board.
Decisions by the Committee or the Board shall be communicated
				  in writing to the person making the appeal. All such decision by the Board is
				  final.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 16 - Miscellaneous Provisions › Rule 38-3-16.1 - Promulgation and Amendment of these Rules, Regulations, and Procedures

Current through June 25, 2024
The State Treasurer, on behalf of the Board of Directors,
				  shall promulgate such other Rules, Regulations, and Procedures as are deemed
				  necessary to implement the MPACT Program and shall amend these Rules,
				  Regulations, and Procedures as is necessary for operation of the MPACT
				  Program.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 17 - Waiver of Rules, Regulations, and Procedures › Rule 38-3-17.1 - General

Current through June 25, 2024
The State Treasurer may waive portions of these Rules,
				  Regulations, and Procedures to prevent hardship of the Purchaser and/or of the
				  Qualified Beneficiary.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 18 - Corporations, Trusts, Charitable Organizations and Other Qualified Entities › Rule 38-3-18.1 - General

Current through June 25, 2024
These Rules, Regulations, and Procedures have been
				  established by the Board for Contract Purchasers who are not natural persons.
				  The State Treasurer has determined that entering into MPACT Contracts to be
				  awarded to Beneficiaries who are not immediately known will allow and encourage
				  Entities to enter into MPACT Contracts. This type of Contract will provide
				  educational benefits to Beneficiaries who might otherwise not be able to afford
				  Postsecondary education.
Unless specifically exempted herein, all Rules, Regulations,
				  and Procedures pertaining to MPACT Contract Purchasers who are natural persons
				  also apply to any Purchaser that is an Entity.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 18 - Corporations, Trusts, Charitable Organizations and Other Qualified Entities › Rule 38-3-18.2 - Eligibility of the Purchaser

Current through June 25, 2024
The Purchaser of an MPACT Contract may be any Entity
				  approved, in writing, by the State Treasurer. Contracts opened by Entities, IRS
				  Section 501(c)(3) organizations, trusts and custodians are subject to
				  additional restrictions and may be required to provide documentation evidencing
				  the legal status of the Entity and the authorization of the representative to
				  enter into and administer an MPACT Contract. UGMA/UTMA custodians are also
				  subject to certain limitations on their ability to make changes to, and
				  transfer to and from, such Contracts. UGMA/UTMA custodians and trust
				  representatives should consult a tax advisor about the tax consequences of
				  opening and holding a Contract, as well as legal counsel regarding their rights
				  and responsibilities as custodians and representatives.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 18 - Corporations, Trusts, Charitable Organizations and Other Qualified Entities › Rule 38-3-18.3 - Naming the Beneficiary

Current through June 25, 2024
If an Entity which purchases an MPACT Contract does not name
				  the Contract Beneficiary at the time the MPACT Application is submitted to the
				  State Treasurer, a Projected College Entrance Date for the unnamed Beneficiary
				  must be specified on the MPACT Application. The age of the unnamed Beneficiary
				  on the MPACT Application will be the normal age for a Beneficiary expected to
				  enter college in the Academic School Year corresponding to the Projected
				  College Entrance Date. The Beneficiary should be named not less than six (6)
				  months prior to the Projected College Entrance Date specified by the Entity on
				  the MPACT Application.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 18 - Corporations, Trusts, Charitable Organizations and Other Qualified Entities › Rule 38-3-18.4 - Beneficiary Eligibility

Current through June 25, 2024
If the Beneficiary is named at the time the MPACT
				  Application is submitted to the State Treasurer, the Beneficiary eligibility
				  requirements of Rule 7.1 are applicable. If the Beneficiary is not named,
				  pursuant to the exemption stated in Rule 18.3, when the MPACT Application is
				  submitted to the State Treasurer, at such time as the Beneficiary is named, the
				  named Beneficiary must meet all of the following requirements:
A. The Beneficiary must be a Resident of the
				State of Mississippi; or a nonresident provided that the Purchaser is a
				resident of the State;
B. The
				Beneficiary must be eighteen (18) years of age or younger;
C. The Beneficiary must have a college
				enrollment year which is the same year as the Projected;
D. College Entrance Date provided in the
				MPACT Application by the Entity; and
E. The Beneficiary must be born and have a
				valid birth certificate.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 18 - Corporations, Trusts, Charitable Organizations and Other Qualified Entities › Rule 38-3-18.5 - Failure to Name the Beneficiary

Current through June 25, 2024
Failure to name the Beneficiary within the time frame
				  specified in Rule 18.3 will result in the Cancellation of the MPACT Contract,
				  with the monies refunded from the Trust Fund at the Redemption Value. The Board
				  may impose reasonable charges for such refund.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 18 - Corporations, Trusts, Charitable Organizations and Other Qualified Entities › Rule 38-3-18.6 - Application

Current through June 25, 2024
For any corporation or trust submitting an MPACT
				  Application, the Application will be considered incomplete, and will not be
				  accepted by the State Treasurer, unless the corporate applicant provides its
				  taxpayer identification number on the Application, and the Application must be
				  complete in all other respects as described in Rules 18.2 through
				  18.3.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 18 - Corporations, Trusts, Charitable Organizations and Other Qualified Entities › Rule 38-3-18.7 - Utilization of the MPACT Contract Benefits

Current through June 25, 2024
The MPACT Contract benefits may not be used unless the
				  Purchaser has furnished to the State Treasurer the name, age, and social
				  security number of the Qualified Beneficiary and has complied with all other
				  applicable Rules, Regulations, and Procedures pertaining to Purchasers who are
				  natural persons.
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 19 - Dormitory Residence Plan › Rule 38-3-19.1 - Dormitory Residence Plans

Current through June 25, 2024
Pursuant to the statutory authority of the Board of
				  Directors which grants the Board the powers necessary or convenient to carry
				  out the purposes and provisions of this Act, upon the completion of feasibility
				  and advisability study the Board elected to not offer a prepaid dormitory
				  plan.
The Mississippi Affordable College Savings (MACS) Plan
				  provides a savings vehicle which can be used for books, room and board,
				  graduate school and other higher education expenses.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003), §
										37-155-13.
Mississippi Administrative Code › Title 38 - Treasurer › Part 4 - Uniform Disposition of Unclaimed Property Act › Chapter 1 - Introduction › Rule 38-4-1.1 - Introduction

Current through June 25, 2024
Section
				  89-12-49 of
				  the Mississippi Code of 1972 Annotated, as amended, authorizes the Mississippi
				  State Treasurer to adopt necessary rules and regulations to carry out the
				  provisions of the Uniform Disposition of Unclaimed Property Act. The following
				  rules will serve to clarify certain provisions of the Uniform Disposition of
				  Unclaimed Property Act. The Office of the Mississippi State Treasurer will
				  adhere to the following rules when administering the Act. If any one or more of
				  these rules is found to be invalid by any court of competent jurisdiction, such
				  finding shall not affect the validity of any other of these
				  rules.
Miss. Code Ann.
				  Section
				  89-12-49.
Mississippi Administrative Code › Title 38 - Treasurer › Part 4 - Uniform Disposition of Unclaimed Property Act › Chapter 2 - Presumed Abandonment › Rule 38-4-2.1 - Certificates of Deposit

Current through June 25, 2024
Subject to the provisions of the Act, the following property
				  held or owing by a banking or financial organization shall be presumed
				  abandoned:
A. Any matured certificate
				of deposit made in this state, upon maturity, if such certificate of deposit
				had a maturity term equal to or greater than TEN (10) years, together with any
				interest thereon, excluding any charges that may have accrued, unless the owner
				has, within FIVE (5) consecutive years prior to maturity:
1. Increased or decreased the amount of the
				certificate of deposit, or presented the passbook or other similar evidence of
				the deposit for the crediting of interest;
2. Corresponded in writing with the banking
				organization or financial organization concerning the certificate of deposit;
				or
3. Otherwise indicated an
				interest in the certificate of deposit as evidenced by a memorandum on file
				with the banking organization or financial organization.
Mississippi Administrative Code › Title 38 - Treasurer › Part 4 - Uniform Disposition of Unclaimed Property Act › Chapter 2 - Presumed Abandonment › Rule 38-4-2.2 - Intangible Assets Held in Safe Deposit Boxes

Current through June 25, 2024
Any intangible assets contained by safe deposit boxes shall
				  be presumed abandoned if such assets would otherwise be presumed abandoned
				  based on the provisions of the Act.
Miss. Code Ann.
				  Sections
				  89-12-5,
				  89-12-14,
				  89-12-19,
				  89-12-49.
Mississippi Administrative Code › Title 38 - Treasurer › Part 4 - Uniform Disposition of Unclaimed Property Act › Chapter 2 - Presumed Abandonment › Rule 38-4-2.3 - Unpaid Wages

Current through June 25, 2024
Subject to the provisions of the Act, any unpaid wages shall
				  be presumed abandoned if, for longer than FIVE (5) years, the existence and
				  location of the person to whom the wages are owed is unknown to the holder of
				  the wages, and according to the knowledge and records of the holder of the
				  wages, a claim to the wages has not been asserted or an act of ownership of the
				  wages has not been exercised.
Miss. Code Ann.
				  Sections
				  89-12-14,
				  89-12-17,
				  89-12-49.
Mississippi Administrative Code › Title 38 - Treasurer › Part 4 - Uniform Disposition of Unclaimed Property Act › Chapter 3 - Holder Reporting › Rule 38-4-3.1 - Reporting Requirements for Holders of Unclaimed Property

Current through June 25, 2024
Every person holding funds or other intangible personal
				  property presumed abandoned under the provisions of the Act shall report to the
				  Treasurer with respect to the property as hereinafter provided.
A. The report shall be verified, and shall
				include:
1. Except with respect to traveler's
				checks and money orders, the name, if known, and last known address, if any, of
				each person appearing from the records of the holder to be the owner of any
				property of the value of more than ONE HUNDRED dollars ($100.00) presumed
				abandoned under the provisions of the Act;
2. The nature and identifying number, if any,
				or description of the property and the amount appearing from the records to be
				due, except that items of value under ONE HUNDRED dollars ($100.00) each may be
				reported in aggregate;
3. In the
				case of banking organizations, the owner's account number;
4. In case of unclaimed funds of life
				insurance corporations, the owner's date of birth, policy number, and the
				social security number of all beneficiaries listed on the policy according to
				the life insurance corporation's records;
5. In the case of securities, confirmation of
				transfer by a Depository Trust Company ("DTC") to the Division (DTC
				instructions available at the Division website), or, in the case of non-DTC
				eligible securities, confirmation of direct delivery or transmittal to the
				Division;
6. In the case of mutual
				funds or dividend reinvest accounts, a transfer confirmation statement from the
				transferor;
7. Except for any
				property reported in the aggregate, the date when the property became payable,
				demandable, or returnable, and the date of the last transaction with the owner
				with respect to the property;
8. In
				the case of a holder reporting property for TEN (10) or more owners, an
				electronic copy of the report in the file format currently approved by the
				Treasurer and the National Association of Unclaimed Property Administrators
				("NAUPA");
9. In the case of a
				holder reporting property in electronic format, the NAUPA approved property
				code for each property submitted; and
10. Other information which the Treasurer
				prescribes by regulation as necessary for the administration of the
				Act.
Mississippi Administrative Code › Title 38 - Treasurer › Part 4 - Uniform Disposition of Unclaimed Property Act › Chapter 3 - Holder Reporting › Rule 38-4-3.2 - Submittal of Property to the Treasurer

Current through June 25, 2024
Except as otherwise provided in the Act, a person who is
				  required to file a report under the provisions of the Act shall pay or deliver
				  to the Treasurer all abandoned property together with the report.
A. Submittals of monetary property in
				hardcopy form must be made by certified check or money order made payable to
				the Mississippi Treasury Department.
B. Submittals of monetary property in
				electronic form must be made by Electronic Funds Transfer ("EFT") or Automatic
				Clearing House ("ACH") in accordance with instructions available at the
				Division website.
C. Submittals of
				shares of corporate stock and other intangible ownership interests in business
				associations shall be made by transfer of such property to the master custodian
				of the Division in accordance with instructions available at the Division
				website.
Miss. Code Ann.
				  Sections
				  89-12-29,
				  89-12-31,
				  89-12-49
Mississippi Administrative Code › Title 38 - Treasurer › Part 4 - Uniform Disposition of Unclaimed Property Act › Chapter 4 - Claims › Rule 38-4-4.1 - Qualifications for Claimants

Current through June 25, 2024
Any person claiming an interest in any property delivered to
				  the state under the provisions of the Act must file a claim on the form
				  prescribed by the Treasurer. A claimant must be one of the following in order
				  to be declared as having a valid interest in the property:
A. The original owner or an officer of a
				corporation or business which is an original owner or legal
				successor;
B. The legal
				representative of the original owner.
Miss. Code Ann.
				  Sections
				  89-12-39,
				  89-12-49
Mississippi Administrative Code › Title 38 - Treasurer › Part 4 - Uniform Disposition of Unclaimed Property Act › Chapter 4 - Claims › Rule 38-4-4.2 - Required Documentation for Claim Processing

Current through June 25, 2024
Claimants must complete and deliver to the Division claim
				  forms and supporting documentation required by the Act and this regulation
				  before the Division will approve a claim.
A. The following documentation is required to
				be presented to the Division in order to validate a claim of ownership.
1. Completed, signed, and notarized claim
				form as prescribed by the Treasurer and sent by mail OR completed electronic
				form with electronic signature as prescribed by the Treasurer at
www.treasury.ms.gov
, including checked
				acknowledgement that the claimant agrees to submit the claim form and required
				supporting documentation by electronic means;
2. Copy of photo identification (examples
				include: driver's license, passport, military identification card, and official
				identification card);
3. Copy of
				proof of residence during the year cited as the date of last transaction in the
				holder's report (examples include: utility bill, school records, bank
				statement, and cancelled check);
4.
				Documentation of claimant's name change if a different name appears on the
				claim form;
5. If the claimant and
				owner are not the same person, but both living:
a. Copy of claimant's social security card or
				birth certificate and owner's social security card or birth certificate;
b. Notarized copy of agreement
				establishing claimant as the legal representative of the owner;
6. If the owner is deceased:
a. Copy of owner's death certificate;
b. Copy of filed will or obituary
				if no filed will exists;
7. If the claimant is a business:
a. Copy of photo identification of the
				corporate officer or owner submitting the claim (examples include: business
				picture identification, driver's license, passport, military identification
				card, and official identification card);
b. Employer Identification Number ("EIN");
c. Documentation of claimant's
				position and authority to make the claim (examples include: business card and
				executed authorization letter on company letterhead);
b. Copy of proof of residence during the year
				cited as the date of last transaction in the holder's report (examples include:
				utility bill, business records, bank statement, and cancelled check).
Mississippi Administrative Code › Title 38 - Treasurer › Part 4 - Uniform Disposition of Unclaimed Property Act › Chapter 4 - Claims › Rule 38-4-4.3 - Payment of Claims

Current through June 25, 2024
A.
Disbursement of Monies.
Payment vouchers for claim
				payments shall be made in the name of, and mailed to, the claimant determined
				to have a valid ownership interest in the claimed property in accordance with
				the provisions of the Act.
B.
Disbursement of Securities.
In the case of securities,
				claim approval shall result in a letter being sent to a third-party agent,
				instructing the agent to transfer the securities from the unclaimed property
				custodial account to an account registered in the name of and specified by the
				claimant.
C. If evidence is brought
				to light that causes the Treasurer to determine that property was improperly
				released to a claimant, the Treasurer shall suspend such payment, if possible.
				If payment cannot be suspended, the Treasurer shall issue a demand notice to
				the claimant. The demand notice may include, but not be limited to, the
				following:
1. The facts and circumstances
				supporting Treasurer's conclusion that the property was improperly
				released;
2. The amount of property
				that was improperly released;
3. A
				request for refund of the property that was improperly released;
4. Notification that the refund is due upon
				receipt of the demand notice; and
5. Notification that the Treasurer may pursue
				collection through appropriate court action.