Involuntary Termination Fee

Involuntary Termination Fee. An MPACT Contract may be Involuntarily Terminated for any of the following reasons: A. The Purchaser or Beneficiary has made a material misrepresentation of information; B. The Purchaser or Beneficiary has provided false information to the MPACT Program; C. The Purchaser has requested or accepted any form of compensation, fee, commission, service charge or any other form of payment or remuneration for entering into a Contract for the benefit of a nonresident Beneficiary; or D. Such other reasons as the State Treasurer may reasonably impose. If the MPACT Contract is Terminated, a Termination Fee of one hundred percent (100%) of the amounts paid into the Trust Fund, excluding Administrative Fees, up to a maximum of five hundred dollars ($1,500.00) will be assessed. Any refund due to the Purchaser of amounts paid into the Trust Fund, in the event of Termination of the MPACT Contract, is addressed in Rule 13.6.