Rejection Of Application Or Forfeiture Of Matching Contribution

(1) Rejection of Application. An application for a Matching contribution will be rejected by the Board if any of the following occurs: COLLEGE SAVINGS INCENTIVE PLAN CHAPTER 1700-05-03 (a) The Purchaser fails to provide all the information required in Rule 1700-05-03-.03; (b) The Purchaser fails to meet the eligibility requirements to participate in the Matching grant incentive program as provided in Rule 1700-05-03-.02; (c) The Purchaser makes a misrepresentation in the application for the Matching contributions; or (d) The requisite Minimum contribution was not made to the Account during the Qualifying period. (2) Forfeiture of Matching Contribution. If, at any time, the Board determines that a Purchaser made a misrepresentation in an application for a Matching contribution that resulted in a Matching contribution being made to an Account, the Matching contribution will be forfeited and returned to the Board. (3) Applications Made in Subsequent Qualifying Periods. Rejection of an application for a Matching contribution shall not preclude the Purchaser from reapplying for a Matching contribution in subsequent Qualifying periods, provided the Purchaser completes a new application and files the same with the Board during the applicable Qualifying period. Notwithstanding this Rule, the Board may, at its discretion, reject any application made by a Purchaser who was found to have made a misrepresentation on an application submitted by the Purchaser in a previous year.