Ohio Administrative Code › Title 3334 - Ohio Tuition Trust Authority › Chapter 3334-1 - General Provisions › Section 3334-1-05 - Application: refusal to enter into a variable college savings contract; refund

Current through all regulations passed and filed through July 1, 2024
(A) Applications to enter into a
			  variable
			 college savings contract shall be available from the office of the authority,
			 on the authority's website at
www.collegeadvantage.com
and at
			 other places considered necessary by the authority. Applications received by
			 the authority shall be date-stamped as evidence of receipt.
(B) To be complete, an application shall
			 contain all of the information the authority determines necessary to properly
			 administer the application process.
(C) The
			 authority shall not accept an application to enter into a
			  variable
			 college savings contract with the  contributor for a proposed beneficiary if the dollar value for all
			 tuition credits and/or tuition units previously purchased for the proposed
			 beneficiary pursuant to a tuition payment contract and/or contributions made
			 pursuant to a variable college savings contract for that same beneficiary
			 equals or exceeds the maximum account value. If more than one applicant has
			 submitted an application for the same proposed individual beneficiary and said
			 applications, when taken together, equal or exceed the maximum account value,
			 the authority shall accept applications to enter into the applicable contracts
			 for the proposed beneficiary in the order of their receipt.
(D) In accordance with section
			 1347.05 of the Revised Code, the
			 authority shall require social security numbers and other information be
			 provided for each applicant, account owner , beneficiary and such other persons as the
			 authority shall deem appropriate in order to carry out the authority's duties
			 under Chapter 3334. of the Revised Code or other applicable law.
(E) The authority may refuse to enter into a
			 tuition payment contract and/or variable college savings contract. Reasons for
			 refusal may include but not necessarily be limited to the following:
(1) All information required in the
			 application has not been provided by the applicant.
(2) The dollar value for all tuition credits
			 and/or tuition units and/or program units/ shares already in the name of the
			 beneficiary listed in the proposed application exceeds the maximum account
			 value or the maximum account value would be exceeded by the addition of the
			 dollar value of the program units/ shares set forth in the
			 application.
(3) Entering into a
			 contract with the applicant would violate federal, Ohio or other state laws
			 pertaining to the regulation of securities or the qualification of the
			 authority's college savings programs under the Internal Revenue Code.
(4) A proposed applicant, account owner
			  or
			 beneficiary is not qualified under Chapter 3334. of the Revised Code or any
			 rule adopted by the authority to participate in the authority's college savings
			 programs..
(5) The authority
			 determines it would be advisable, in order to protect the actuarial soundness
			 of the Ohio college savings program or for other reasons, to limit the number
			 of tuition payment contracts.
(6)
			 Any other reason deemed appropriate or necessary by the authority in order to
			 properly evaluate an application.