Nevada Administrative Code

NAC 353B.180 Application: Contents; fee; late application; copy of contract and master agreement. (NRS 353B.090) 1. A person who desires to enter into a contract must submit to the Board an application for enrollment in the Program, on a form provided by the Board, and a fee of $…

NAC 353B.190 Designation of legal successor of applicant or purchaser. (NRS 353B.090) An applicant for enrollment in the Program or a purchaser may submit to the Board a written designation of a person to serve as the legal successor of the applicant or purchaser for the purposes…

NAC 353B.200 Annual establishment and provision of public notice of dates for enrollment and of certain rates. (NRS 353B.090, 353B.100) The Board will annually: 1. Establish: (a) Guaranteed rates for the prepayment of tuition pursuant to a contract; (b) Specific dates for enrollm…

NAC 353B.205 Provision of benefits: Annual determination of amount; formula for conversion to semester credit hours; payment directly to eligible educational institution. (NRS 353B.090) 1. The Board will annually determine the amount of benefits to be paid to an eligible educatio…

NAC 353B.210 Provision of benefits: Restrictions; termination of contract and refund. (NRS 353B.090) 1. The Board will not provide any benefits pursuant to a contract: (a) Earlier than 3 years after the date the first payment is due from the purchaser pursuant to the contract. (b…

NAC 353B.220 Provision of benefits: Accrual of benefits if tuition rate is less than amount of benefit payment; refund. (NRS 353B.090) If a qualified beneficiary enrolls in an eligible educational institution that charges tuition at a rate that is less than the amount of the bene…

NAC 353B.300 Conditions for change in contractual plan. (NRS 353B.090) The Board will amend a contract to change the contractual plan if: 1. The purchaser requests the change, submits the required fee and pays any additional sum the Board determines to be necessary, as a result o…

NAC 353B.310 Conditions for change in designation of qualified beneficiary; expiration date of amended contract if any benefits have been paid. (NRS 353B.090) 1. The Board will amend a contract to change the designation of the qualified beneficiary to a person within the immediat…

NAC 353B.350 Options for method of payment by purchaser. (NRS 353B.090, 353B.100) A contract may provide for payment by the purchaser: 1. By: (a) Remittance in a lump sum; or (b) Remittances on a monthly basis: (1) For 60 months; (2) For 120 months; or (3) From the time of enroll…

NAC 353B.360 Payment of remaining balance in lump sum. (NRS 353B.090) Upon the request of a purchaser and receipt of the required fee, the Board will allow the purchaser to pay in a lump sum the remaining balance, if any, of the total amount due pursuant to a contract that provid…

NAC 353B.365 Requirements for matching contribution by employer on behalf of qualified beneficiary. (NRS 353B.090) 1. An employer may make a matching contribution to the Trust Fund on behalf of a qualified beneficiary on whose behalf a contract is drawn pursuant to NRS 353B.100. …

NAC 353B.370 Remittance of payment pursuant to contract; consequences for failure to remit. (NRS 353B.090) 1. A purchaser must remit payments pursuant to a contract on the dates and in the amounts set forth in the schedule for participation and payment provided to the purchaser b…

NAC 353B.400 Failure to provide information requested by Board. (NRS 353B.090) If a purchaser fails to provide any information relating to a contract within a reasonable period after receiving a request from the Board for the provision of that information, the Board may terminate…

NAC 353B.410 Fraudulent misrepresentation or omission of information. (NRS 353B.090) If the Board determines that a purchaser has fraudulently misrepresented or omitted any information relating to a contract requested by the Board or otherwise required pursuant to NAC 353B.010 to…

NAC 353B.420 Death of purchaser. (NRS 353B.090) Upon the receipt of a written request signed by a person designated pursuant to NAC 353B.190 or, in the absence of such a designation, by the representative of the estate of the purchaser or the representative of a qualified benefic…

NAC 353B.430 Death or disability of qualified beneficiary. (NRS 353B.090) Upon the receipt of a written request signed by a purchaser and such documentation as the Board deems adequate to prove that the qualified beneficiary has died or become totally disabled, the Board will: 1.…

NAC 353B.440 Award of scholarship to qualified beneficiary that duplicates benefits to be provided under contract. (NRS 353B.090) 1. Upon the receipt of a written request signed by a purchaser and such documentation as the Board deems adequate to prove that the qualified benefici…

NAC 353B.450 Request by purchaser to terminate contract. (NRS 353B.090) Upon the receipt of a written request signed by a purchaser to terminate the contract for any reason other than as provided in NAC 353B.430 and 353B.440, the Board will terminate the contract and provide to t…

NAC 353B.500 Fees. (NRS 353B.090, 353B.100) A contract may require the purchaser to pay: 1. For a change in: (a) The amount, time or method of payment; (b) The contractual plan; (c) The identity of the purchaser; or (d) The designation of the qualified beneficiary, Ê a fee of $20…

NAC 353B.510 Penalties for insufficient funds, delinquent payment or termination of contract. (NRS 353B.090, 353B.100) 1. A contract must require the purchaser to pay a penalty of $25 if a payment is returned for insufficient funds in accordance with NRS 353C.115 and the regulati…

NAC 353B.550 Definitions. (NRS 353B.310) As used in NAC 353B.550 to 353B.725, inclusive, unless the context otherwise requires, the words and terms defined in NAC 353B.555 to 353B.590, inclusive, have the meanings ascribed to them in those sections. (Added to NAC by St. Treasurer…

NAC 353B.555 “Account owner” defined. (NRS 353B.310) “Account owner” means a person who: 1. Is legally able to contract under the laws of this State; 2. Meets all federal and state requirements governing the Program and a plan; and 3. Establishes an account under a plan. (Added t…

NAC 353B.560 “Business day” defined. (NRS 353B.310) “Business day” means any weekday on which the New York Stock Exchange is open. (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002; A by R054-09, 10-27-2009)

NAC 353B.565 “Designated beneficiary” defined. [Replaced in revision by NAC 353B.003.]

NAC 353B.570 “Member of the family” defined. (NRS 353B.310) “Member of the family” has the meaning ascribed to it in 26 U.S.C. § 529. (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002)

NAC 353B.575 “Participation agreement” defined. (NRS 353B.310) “Participation agreement” means a participant agreement and an account application executed by an account owner which: 1. Sets forth the terms and conditions governing an account; and 2. Is in the form approved by the…

NAC 353B.580 “Person” defined. (NRS 353B.310) “Person” has the meaning ascribed to it in 26 U.S.C. § 7701(a). (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002)

NAC 353B.582 “Plan” defined. (NRS 353B.310) “Plan” means an investment plan that is approved by the Board for inclusion in the Program which is promoted by a private entity and is offered for sale under the management of the Program Manager or through a contract between the Progr…

NAC 353B.583 “Plan Investment Manager” defined. (NRS 353B.310) “Plan Investment Manager” means a private entity that has contracted with the Program Manager and is approved by the Board to offer plans, to invest accounts opened under a plan and to manage plans within the Program.…

NAC 353B.585 “Program” defined. (NRS 353B.310) “Program” means the Nevada College Savings Program, which is a qualified tuition program pursuant to 26 U.S.C. § 529 that may be marketed as “Nevada’s College Savings Plan” or under any other name. (Added to NAC by St. Treasurer by R…

NAC 353B.590 “Program Manager” defined. (NRS 353B.310) “Program Manager” means the private entity that has contracted with the Board to serve as the administrator, marketing agent and investment manager of the Program. (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002)

NAC 353B.595 “Qualified higher education expenses” defined. (NRS 353B.310) “Qualified higher education expenses” has the meaning ascribed to it in 26 U.S.C. § 529. (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002) Administration of Accounts

NAC 353B.600 Eligibility to be account owner or designated beneficiary. (NRS 353B.310) 1. There are no restrictions on the age of a designated beneficiary or any required relationship between an account owner and the designated beneficiary of the account. 2. There may be only one…

NAC 353B.605 Designation of successor account owner; change of ownership of account. (NRS 353B.310) 1. An account owner may designate a successor account owner who becomes the new account owner automatically upon the death of the designating account owner. An account owner, in th…

NAC 353B.610 Change of designated beneficiary. (NRS 353B.310) An account owner may change the designated beneficiary of the account if the new designated beneficiary is a member of the family of the current designated beneficiary. A change of designated beneficiary is not effecti…

NAC 353B.615 Opening of account; selection of investment option; reassignment of accounts under age-based investment option. (NRS 353B.310) 1. To open an account, an applicant must submit to the Plan Investment Manager a completed application and: (a) An initial contribution; or …

NAC 353B.620 Conditions under which Plan Investment Manager may refuse to open account. (NRS 353B.310) The Plan Investment Manager may, without limitation, refuse to open an account if: 1. The applicant is not eligible to be an account owner. 2. The applicant has not provided all…

NAC 353B.625 Participation agreement: Execution. (NRS 353B.310) An account owner must execute a participation agreement for each account by completing and signing an account application. (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002; A by R041-03, 10-29-2003)

NAC 353B.630 Participation agreement: Required provisions. (NRS 353B.310) Provisions substantially similar to the following will be included in each participation agreement: 1. Any controversy or claim arising out of or relating to this participation agreement, or the breach, ter…

NAC 353B.635 Maintenance of separate records and accounting for each account; annual reports to account owners. (NRS 353B.310) Separate records and accounting will be maintained for each account established under a plan. Reports will be issued to each account owner at least annua…

NAC 353B.640 Prohibition on use of interest as security for loan. (NRS 353B.310) No interest in an account may be used as security for a loan. (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002)

NAC 353B.645 Authority to make contributions to account; matching contribution by employer; minimum amounts; refusal of certain contributions. (NRS 353B.310) 1. Except as otherwise provided in this section, any person may make a contribution to an existing account. 2. An employer…

NAC 353B.650 Form of contributions to account. (NRS 353B.310) 1. Contributions may be made in cash only. 2. As used in this section, “cash” includes checks, electronic funds transfers, whether through payroll deduction, an automatic contribution plan or otherwise, and such other …

NAC 353B.655 Limitation on contributions to account; maximum aggregate balance for designated beneficiary; return of excess contributions. (NRS 353B.310) 1. A contribution to an account established for a designated beneficiary will not be accepted to the extent the contribution w…

NAC 353B.660 Rollover distributions from qualified tuition program of another state. (NRS 353B.310) 1. Except as otherwise provided in subsection 2, if a qualified tuition program of another state allows rollover distributions, an account owner may deposit all or part of the mone…

NAC 353B.665 Distributions from account: Procedure; restriction. (NRS 353B.310) 1. An account owner may request a distribution of money from the account by submitting to the Plan Investment Manager not less than 3 business days before the date of the requested distribution a comp…

NAC 353B.670 Distributions: Required notification. (NRS 353B.310) When a Plan Investment Manager makes a distribution of money from an account pursuant to NAC 353B.665 to 353B.695, inclusive, the Plan Investment Manager shall notify the account owner: 1. Of the portion of the dis…