<html> <head> <title>Rule 06:01:06:03 Account balance limitations.</title> <META NAME="Keywords" Content="Administrative Rules 06:01:06:03"> <META NAME="Description" Content="Administrative Rules 06:01:06:03 Account balance limitations."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>6:01:06:03.&nbsp;&nbsp;Account balance limitations.</b> For each designated beneficiary, the balance in the qualified state tuition program may not exceed the limits as defined in IRC. If the financial institution determines that a contribution would cause the account balance limit to be exceeded, the financial institution may only deposit that portion of the contribution, if any, that does not result in an excess balance. The financial institution shall return the balance of the contribution to the contributor or permit the account owner to transfer to another account in accordance with SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=13-63-13">13-63-13.</A> The program manager shall continuously monitor the current, cumulative balance in the accounts for each designated beneficiary.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 28 SDR 47, effective October 7, 2001.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=13-63-21">13-63-21.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=13-63-13">13-63-13</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=13-63-17">13-63-17</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=13-63-21">13-63-21.</A></p> </div> </body> </html>