S.C. Code Regs. 19-1278. Contract Cancellation

A. Tuition prepayment contract cancellation shall be an action by the director. B. Cancellation will occur under the following circumstances: 1. A determination of fraud or any misrepresentation on the part of the contributor to include, but not be limited to, misrepresentation of the residency of a designated beneficiary at the time of application; 2. The nonpayment of any required payments due within the established time frames; 3. The designated beneficiary reached his or her thirtieth (30th) birthday prior to exhausting the benefits of the tuition prepayment contract; or 4. Any other event including, but not limited to, a determination of fiscal or actuarial soundness of the Fund, as may be determined by the director.