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COMMITTEE REPORT
May 20, 1999
H. 3720
S. Printed 5/20/99--H.
Read the first time March 10, 1999.
To whom was referred a Bill (H. 3720), 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, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass:
RONALD P. TOWNSEND, for Committee.
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:
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."
SECTION 2. This act takes effect upon approval by the Governor.
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