Mississippi Administrative Code

A. Academic School Year - Three (3) quarters or two (2) semesters of a twelve (12) month school year. B. Actuarial Assessment - An additional Contract amount assessed by MPACT to preserve the actuarial soundness of the Trust Fund. C. Administrative Fees - Fees, listed in Chapter …

The Purchaser must be of legal age and capacity to enter into a legal Contract. If the Qualified Beneficiary is a resident of Mississippi as defined in Rule 5.1 BB, the Purchaser need not be a resident. If the Qualified Beneficiary is not a Resident of Mississippi, the Purchaser …

A prospective Contract Purchaser may be denied the right to enter into an MPACT Contract: A. If the Purchaser does not meet the qualifications set forth in Chapter; B. If the MPACT Contract violates local, state, or federal laws; C. If the proposed Beneficiary is not a Qualified …

Only one (1) individual may be named on the MPACT Application and on the MPACT Contract as the MPACT Contract Purchaser. Joint Purchasers are not permitted. However, if a given application and current Contract purchases equals less than five (5) years of Tuition on behalf of a gi…

All requests to transfer ownership of the MPACT Contract to a different Purchaser must be submitted, in writing, to the State Treasurer. The request must contain the signatures of both the current Purchaser and the Purchaser to whom ownership of the Contract is being transferred,…

A Purchaser or Beneficiary of an MPACT Contract may not directly or indirectly direct the investments of their contribution to the Program or any earnings thereon. Notes 38 Miss. Code. R. 3-6.5 Miss. Code Ann. § 37-155-9 (Rev. 2003).

No interest in an MPACT Contract or any portion thereof may be pledged as security for a loan. Notes 38 Miss. Code. R. 3-6.6 Miss. Code Ann. § 37-155-9 (Rev. 2003).

An individual may be named the Beneficiary of an MPACT Contract if such individual meets all of the following requirements: A. The individual is a Resident of the State of Mississippi as defined in Rule 5.1 BB; or (b) a nonresident if the Purchaser is a resident of the State of M…

A Contract Purchaser must execute a statement in the MPACT Application that the Beneficiary is a Resident of Mississippi or, if the Beneficiary is a nonresident, that the Purchaser is a Mississippi resident. Purchasers may be asked to furnish proof of the Beneficiary's residency.…

The MPACT Trust Fund may receive amounts transferred from an UGMA, UTMA or other account established for the benefit of a minor. It is the responsibility of the Purchaser to comply with all relevant Federal or state laws regarding UTMA or UGMA accounts Purchasers should be mindfu…

An MPACT Contract may be purchased during a valid Enrollment Period. The Enrollment Period shall commence and terminate on dates set by the Board. Notes 38 Miss. Code. R. 3-8.1 Miss. Code Ann. § 37-155-9 (Rev. 2003).

Any individual desiring to enter into an MPACT Contract on behalf of a Qualified Beneficiary must submit a completed Application to the State Treasurer. The Application will be considered incomplete and will not be accepted unless it is accompanied by the Application Processing F…

Unless specifically exempted by the State Treasurer a Purchaser must name the Qualified Beneficiary in the MPACT Application at the time the Application is submitted. Only one (1) Qualified Beneficiary is allowed per MPACT Contract. The Purchaser does not have to designate the Po…

The MPACT Contract shall consist of the completed Application, the Master MPACT Contract, and the Participation and Payment Schedule. Additional documents, as described in Rule 5.15 S, will be incorporated into the MPACT Contract. Notes 38 Miss. Code. R. 3-9.1 Miss. Code Ann. § 3…

If a Contract is delinquent for 210 days, the Contract will be Involuntarily Cancelled and the Purchaser will receive a refund as per provisions in Rule 10.5. Notes 38 Miss. Code. R. 3-9.10 Miss. Code Ann. § 37-155-9 (Rev. 2003).

If after 180 days of default payment is not received, the Contract will be placed in suspended status. After being placed in suspended status, the account will then be involuntarily discontinued in accordance with Rule 9.10. To return the account to active status, the Purchaser m…

All requests by Contract Purchasers for a modification of the Contract provisions must be submitted in writing and must be accompanied by any written documentation which the State Treasurer may reasonably request and deem sufficient, along with all applicable Administrative Fees.…

An MPACT Contract Purchaser may request a change in payment schedule any time during the MPACT Enrollment Period in which the Purchaser enters the MPACT Program and extending through the tenth day of the month in which the first payment is due for monthly Purchasers, or in which …

Any one of a variety of payment methods is available to an MPACT Contract Purchaser. These methods may include, but are not limited to, coupon book, ACH (Automatic Clearing House), or payroll deduction. A Purchaser may change payment method after submitting a written request to t…

All requests for modification(s) in the MPACT Contract must be made, in writing, to the State Treasurer and must be submitted along with any applicable Administrative Fees and any supporting written documentation required by the State Treasurer. Notes 38 Miss. Code. R. 3-9.15 Mis…

Nothing in these Rules, Regulations and Procedures, in the MPACT Contract, or in the Mississippi Prepaid Affordable College Tuition Program Act shall be construed as a promise or guarantee by the State Treasurer, the Board of Trustees, or employees or consultants of the State Tre…

If a Beneficiary under a junior college plan elects to attend a university or senior college, the MPACT Program will convert the community college hours into university hours based on the then current relative costs and pay the Tuition. This results in fewer hours on the Contract…

The MPACT Contract guarantees, unless otherwise stated herein, payment by the Trust Fund of Standard In-State Undergraduate Tuition and Mandatory Fees on behalf of the Qualified Beneficiary of the MPACT Contract, to the Postsecondary Institution in which the Qualified Beneficiary…

In general, the earliest a Qualified Beneficiary may receive benefits under an MPACT Contract purchased during any Enrollment Period will be the Projected Enrollment Year of the Qualified Beneficiary as provided in the MPACT Contract, unless the Beneficiary is an accelerated stud…

At the time of Application, the Projected Enrollment Year is calculated based on information provided by the Purchaser on the MPACT Application. If the Beneficiary is held back or advances after the MPACT Contract is purchased and an account has been established, there will be no…

In general, benefits under an MPACT Contract may be received for up to an eight (8) year period after the Projected College Entrance Date of the Qualified Beneficiary. If the Beneficiary, however, is an accelerated student, the MPACT Contract benefits may be used for up to eight …

At such time as the Qualified Beneficiary intends to begin using the benefits under the MPACT Contract to attend a Private or Out-of-State Postsecondary Institution, the Contract Purchaser must submit written notification, including the name of the Postsecondary Institution the B…

A Qualified Beneficiary, whose Contract is in good standing, will be issued an identification card prior to their scheduled matriculation date. An identification card may not be issued to a Beneficiary unless the MPACT Contract and any outstanding Administrative Fees have been pa…

New MPACT Contract prices will be established by the Board for each Enrollment Period. Contract prices will be based on actuarial assumptions recommended by the Program's retained actuary and adopted by the Board regarding Tuition rates and other relevant factors. MPACT Contract …

MPACT Contract payments are due in full on the dates specified in the MPACT Contract. Contract payments may be made under the following payment options, chosen by the Purchaser at the time of application into the MPACT Program: A. A lump sum payment due in full on or before the d…

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 …

As used in this regulation, unless the context otherwise requires: A. "Act" means the Uniform Disposition of Unclaimed Property Act per Miss. Code Ann. Section 89-12-1 et seq. B. "Activity" means any action taken by an owner with respect to his or her property which indicates tha…

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 g…

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. Notes 38 Miss. Code. R. 4-2.2 Miss. Code Ann. Sections 89-12-5, 89-12-14, 89-12-19, 89-12-49. Adopted 1/1/201…

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 hold…

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 tra…

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 …

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 ori…

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 o…

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 …

The Treasurer may at reasonable times examine the records of any person to determine if such person has complied with the provisions of the Act. The Treasurer may designate the Commissioner of Banking and Consumer Finance, Commissioner of Insurance, or other appropriate regulator…

The Treasurer may conduct an examination, at her discretion, in accordance with the Act and this regulation. If any person refuses to permit an examination, as required under the provisions of the Act, and this regulation, the Treasurer shall bring an action in a court of appropr…

Except as otherwise provided herein, unclaimed property examinations carried out by the Treasurer, or her agent, shall include, but not be limited to, the following procedures: A. A written notice of intent shall be issued to the holder. The notice will state the Treasurer's inte…

A. Upon completion of the examination process, the Treasurer, or her agent, will provide to the holder a draft report and letter of demand, if necessary. The holder will review such drafts and have a reasonable opportunity to resolve any issues or concerns the holder has with the…

Any aggrieved party, as defined in these rules, may file with the Treasurer, a written protest, under oath, signed by the aggrieved party or his or her duly authorized agent. As part of a written protest, an aggrieved party may request an administrative hearing. In the event an a…

The Treasurer, or her designated hearing officer, may grant an administrative hearing to any aggrieved party that has submitted a request for such in accordance with these rules. A. Notice of Administrative Hearing. The Treasurer shall provide written notice of the hearing to the…

Any party aggrieved by the final order of the Treasurer, with regard to a written protest or administrative hearing, may commence an action in the Circuit Court of the First Judicial District of Hinds County, Mississippi. Except as otherwise provided by law, the Attorney General …