13-55E-13. Promulgation of rules.

Rules necessary to administer this chapter shall be promulgated jointly by the executive director and the state treasurer pursuant to chapter 1-26. Rules adopted pursuant to this section shall include policies and procedures governing the:

(1)    Receipt of payments from purchasers on behalf of beneficiaries;

(2)    Accounting and reporting to purchasers of payments deposited and invested in accordance with this chapter;

(3)    Period of time during which the beneficiary may receive benefits under the contract;

(4)    Terms and conditions under which contracts may be terminated or modified, refunds may be granted and direct payment of benefits may be made pursuant to § 13-55E-11;

(5)    Provisions of contract benefits at institutions of higher education;

(6)    Payment to institutions of higher education on behalf of beneficiaries;

(7)    Imposition of fees to cover costs incurred for the administration of this chapter not to exceed the limitation imposed under § 13-55E-9; and

(8)    Other terms, conditions, and provisions determined necessary for advanced payment contracts and benefits provided under contracts.

Source: SL 1994, ch 145, § 13.