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Pennsylvania Statutes Title 24 P.S. Education § 6901.314. Safeguards and protections

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) General rule.--Nothing in this chapter or in a Tuition Account Program Contract entered into pursuant to this chapter shall be construed as a promise or guarantee by the department that a person will be admitted to an institution of higher education, will be allowed to continue to attend an institution of higher education after having been admitted or will be graduated from an institution of higher education.

(b) Disclosure.--Tuition Account Program Contracts shall disclose the following information in writing to each account owner or prospective owner of a tuition account:

(1) The terms and conditions for purchasing a tuition account.

(2) Any restrictions on the substitution of beneficiaries.

(3) The time period during which and the purposes for which a designated beneficiary may receive benefits under the program established in section 309.1.

(4) The terms and conditions under which money may be withdrawn from an account, the reasonable charges that may apply and the penalty for a nonqualified withdrawal.

(5) The probable tax consequences associated with contributions to and withdrawals from a tuition account.

(6) All other rights and obligations pertaining to participation in the program.

(c) Construction.--Nothing in this chapter can be construed to:

(1) Give any designated beneficiary any rights or legal interest in an account unless the designated beneficiary is also the account owner.

(2) Establish State residency for an individual solely because that individual is a designated beneficiary of an account established under this act.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 24 P.S. Education § 6901.314. Safeguards and protections - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-24-ps-education/pa-st-sect-24-6901-314/

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