Specification of payment options

The advance payment contract shall specify one of the payment options specified under this section to be required from the purchaser on behalf of the beneficiary. The one - time advance payment shall be made in cash or cash equivalents at the time the contract is signed. The executive director shall annually determine the amount of the one - time advance payment for each of the following payment options: (1) Not to exceed four academic semesters of resident tuition, room and board at any state - supported university; (2) Not to exceed four academic semesters of nonresident tuition, room and board at any state - supported university; (3) Not to exceed four academic semesters of resident tuition at any state - supported university; or (4) Not to exceed four academic semesters of nonresident tuition at any state - supported university. Source: SL 1994, ch 145 , § 4.