Download This Bill in Microsoft Word format
Current Status Bill Number:View additional legislative information at the LPITS web site.3720 Ratification Number:160 Act Number:88 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19990310 Primary Sponsor:Bauer All Sponsors:Bauer Drafted Document Number:l:\council\bills\kgh\15311sd99.doc Date Bill Passed both Bodies:19990601 Governor's Action:S Date of Governor's Action:19990611 Subject:Tuition Prepayment Program, contributors entitled to refund if discontinued; Colleges and Universities History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 19990702 Act No. A88 ------ 19990611 Signed by Governor ------ 19990609 Ratified R160 Senate 19990601 Read third time, enrolled for ratification Senate 19990528 Read second time Senate 19990527 Unanimous consent for second reading on the next Legislative day Senate 19990527 Introduced, read first time, placed on Calendar without reference House 19990527 Read third time, sent to Senate House 19990526 Read second time House 19990520 Committee report: Favorable 21 HEPW House 19990310 Introduced, read first time, 21 HEPW referred to Committee Versions of This Bill Revised on May 20, 1999 - Word format Revised on May 27, 1999 - Word format
(A88, R160, H3720)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 59-4-65 SO AS TO PROVIDE THAT IN THE EVENT THE STATE OF SOUTH CAROLINA DETERMINES BY LAW OR OTHERWISE THAT THE SOUTH CAROLINA TUITION PREPAYMENT PROGRAM AND ITS FUND SHOULD BE DISCONTINUED AND ALL TUITION PREPAYMENT CONTRACTS CANCELED, CONTRIBUTORS SHALL BE ENTITLED TO A REFUND OF ALL PAYMENTS TO THE FUND PLUS INTEREST ON THESE CONTRIBUTIONS AT THE RATE OF FOUR PERCENT PER ANNUM, AND TO PROVIDE THAT IF THE FUND DOES NOT HAVE SUFFICIENT MONIES TO MAKE SUCH REFUNDS, THE DEFICIENCIES SHALL BE PAID FROM THE GENERAL FUND OF THE STATE.
Be it enacted by the General Assembly of the State of South Carolina:
Refunds upon cancellation or discontinuance
SECTION 1. The 1976 Code is amended by adding:
"Section 59-4-65. In the event the State of South Carolina determines by law or otherwise that the fund should be discontinued and all tuition prepayment contracts canceled, contributors shall be entitled to a refund of all payments to the fund plus interest on these contributions from the date payment is made at the rate of four percent per annum. Notwithstanding any other provision of this chapter or of law, if the fund does not have sufficient monies to make such refunds, the deficiencies shall be paid from the general fund of the State."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 9th day of June, 1999.
Approved the 11th day of June, 1999.
This web page was last updated on Wednesday, December 9, 2009 at 9:24 A.M.