Nev. Rev. Stat. § 353B.001
Definitions
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 353B.002, 353B.003 and 353B.004 have the meanings ascribed to them in those sections.
Nevada Revised Statutes Chapter 353B — College Savings Programs
Nevada · statute · Nev. Rev. Stat. ch. 353B · 37 active provisions
Nev. Rev. Stat. § 353B.002
“Board” defined
“Board” means the Board of Trustees of the College Savings Plans of Nevada created by NRS 353B.005.
Nev. Rev. Stat. § 353B.003
“Marketing” defined
“Marketing” means activities relating to marketing and promotion, including, without limitation, market research, public relations, branding and creative services, design and purchase of advertising, design and printing or production of collateral and promotional items, event sponsorships, incentives payable to a stude…
Nev. Rev. Stat. § 353B.004
“System” defined
“System” means the Nevada System of Higher Education.
Nev. Rev. Stat. § 353B.005
Board of Trustees of the College Savings Plans of Nevada: Creation; membership; terms; Chair; allowances and expenses
1. There is hereby created a Board of Trustees of the College Savings Plans of Nevada. 2. The Board consists of five members composed of: (a) The State Treasurer, who may name a designee to serve on the Board on his or her behalf. (b) The Director of the Office of Finance, who may name a designee to serve on the Board…
Nev. Rev. Stat. § 353B.007
Insurance coverage to protect prepaid tuition contracts and savings trust accounts
The Board may endorse insurance coverage written exclusively to protect prepaid tuition contracts, and purchasers and beneficiaries of prepaid tuition contracts pursuant to NRS 353B.010 to 353B.190, inclusive, and the regulations adopted pursuant thereto, and savings trust accounts and account owners, and beneficiaries…
Nev. Rev. Stat. § 353B.008
Prepaid tuition program or college savings program must not prohibit participation based solely on immigration or citizenship status
A prepaid tuition program or college savings program established pursuant to this chapter must not prohibit a person or his or her family from participating in such a program based solely on the immigration or citizenship status of the person or his or her family.
Nev. Rev. Stat. § 353B.009
Money on deposit in prepaid tuition contract or savings trust account not considered asset of parent, guardian or student for purposes of determining certain eligibility
Notwithstanding the provisions of any specific statute to the contrary, no money on deposit in a prepaid tuition contract pursuant to NRS 353B.010 to 353B.190, inclusive, or a savings trust account pursuant to NRS 353B.300 to 353B.370, inclusive, may be considered an asset of a parent, guardian or student for the purpo…
Nev. Rev. Stat. § 353B.010
Definitions
As used in NRS 353B.010 to 353B.190, inclusive, unless the context otherwise requires, the words and terms defined in NRS 353B.030 to 353B.070, inclusive, have the meanings ascribed to them in those sections.
Nev. Rev. Stat. § 353B.030
“Prepaid tuition contract” defined
“Prepaid tuition contract” means the contract created pursuant to NRS 353B.100.
Nev. Rev. Stat. § 353B.040
“Purchaser” defined
“Purchaser” means a person who makes or is obligated to make payments for tuition in accordance with a prepaid tuition contract.
Nev. Rev. Stat. § 353B.050
“Qualified beneficiary” defined
“Qualified beneficiary” means a person for whom tuition is paid pursuant to a prepaid tuition contract.
Nev. Rev. Stat. § 353B.070
“Trust Fund” defined
“Trust Fund” means the Nevada Higher Education Prepaid Tuition Trust Fund created pursuant to NRS 353B.140.
Nev. Rev. Stat. § 353B.075
Limitations on construction of provisions
The provisions of NRS 353B.010 to 353B.190, inclusive, must not be construed as a promise or guarantee that a qualified beneficiary: 1. Will be admitted to, allowed to continue enrollment at or graduated from a community college or university; or 2. Will have the full cost of his or her tuition paid at a community coll…
Nev. Rev. Stat. § 353B.090
Development of Program by Board; amount of tuition under prepaid tuition contract; regulations
1. The Board shall develop the Nevada Higher Education Prepaid Tuition Program for the prepayment of tuition for a qualified beneficiary for: (a) Undergraduate studies at: (1) A university, state college or community college that is a member of the System; (2) An accredited college or university in this State that is n…
Nev. Rev. Stat. § 353B.095
Delegation by Board of administrative powers and duties to State Treasurer
The Board may delegate to the State Treasurer any of its administrative powers and duties specified in NRS 353B.010 to 353B.190, inclusive, if the Board determines that such delegation is necessary for the efficient and effective administration of the Nevada Higher Education Prepaid Tuition Program and the Trust Fund.
Nev. Rev. Stat. § 353B.100
Prepaid tuition contracts: Authority of Board to enter; required provisions
1. The Board may enter into a prepaid tuition contract with a purchaser. 2. The Board shall create a prepaid tuition contract in accordance with the provisions of this section. 3. The prepaid tuition contract must include, without limitation: (a) The terms and conditions under which the purchaser shall remit payment, i…
Nev. Rev. Stat. § 353B.105
Agreement to payroll deductions for prepaid tuition contract authorized
The State of Nevada, an agency, county, municipality or other political subdivision of the State, or any other public or private employer may enter into an agreement to remit payments toward a prepaid tuition contract on behalf of an employee through payroll deductions.
Nev. Rev. Stat. § 353B.110
General duties and powers of Board
The Board: 1. May modify the regulations for the implementation of the Program adopted pursuant to subsection 3 of NRS 353B.090. 2. May establish agreements to fulfill its obligations under the prepaid tuition contracts. 3. May contract for any necessary good or service, including, without limitation, the power to enga…
Nev. Rev. Stat. § 353B.130
Limitation on effect of action by Board
An act or undertaking of the Board does not constitute a debt of the State of Nevada, or any political subdivision thereof, or a pledge of the full faith and credit of the State of Nevada, or of any political subdivision thereof, and is payable solely from the Trust Fund.
Nev. Rev. Stat. § 353B.140
Creation; sources; nonreversion
1. The Nevada Higher Education Prepaid Tuition Trust Fund is hereby created within the State Treasury to allow: (a) The cost of tuition to be paid in advance of enrollment at an institution of higher education; and (b) The payment of qualified higher education expenses for qualified beneficiaries in accordance with the…
Nev. Rev. Stat. § 353B.145
Policy for use of certain excess money
1. The Board shall adopt and, as necessary, revise a policy for the use of any money in the Trust Fund that is in excess of the amount of money determined by the Board to be required to establish a guaranteed rate for tuition under a prepaid tuition contract. 2. In adopting and revising the policy pursuant to subsectio…
Nev. Rev. Stat. § 353B.150
Administration by State Treasurer; duties and powers of State Treasurer
1. The State Treasurer shall administer the Trust Fund. 2. As Administrator of the Trust Fund, the State Treasurer: (a) Shall maintain the financial records of the Trust Fund; (b) Shall invest the property in the Trust Fund pursuant to the policies for investment established by the Board pursuant to NRS 353B.160; (c) S…
Nev. Rev. Stat. § 353B.155
Duty of Board to promote and market use of Trust Fund and solicit certain opinions; authority to limit qualified beneficiaries
1. The Board shall actively promote and market use of the Trust Fund. 2. The Board shall, before it enters into a prepaid tuition contract with a purchaser, solicit the opinion of: (a) The Securities and Exchange Commission regarding the application of federal law regarding securities to the Trust Fund; or (b) An indep…
Nev. Rev. Stat. § 353B.160
Investment; prohibited interests, payments and actions; modification of terms of subsequent prepaid tuition contracts to ensure actuarial soundness
1. The Board shall create a comprehensive plan that specifies the policies for investment which the State Treasurer shall follow in administrating the Trust Fund. 2. The Board may authorize the State Treasurer to invest the property of the Trust Fund in: (a) A bond, note, certificate or other general obligation of the…
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