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 not a member of the System; or
(3) An accredited community college, college or university in another state.
(b) If any money paid into the Trust Fund under a prepaid tuition contract is remaining after a qualified beneficiary has graduated with an undergraduate degree, for graduate-level 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 not a member of the System; or
(3) An accredited community college, college or university in another state.
2. The amount of the tuition under a prepaid tuition contract must be at a guaranteed rate which is established based on the annual actuarial study required pursuant to NRS 353B.190 for undergraduate studies at a university, state college or community college that is a member of the System.
3. The Board shall adopt regulations for the implementation of the Program, including, without limitation, regulations setting forth requirements for:
(a) Residency;
(b) A limit on the number of qualified beneficiaries;
(c) The termination, withdrawal and transfer of money paid into the Trust Fund;
(d) A payment received by the Trust Fund as a matching contribution made as described in NRS 363A.137 or 363B.117 to be credited to the qualified beneficiary on whose behalf the matching contribution was made;
(e) The time within which the money paid into the Trust Fund must be used;
(f) Payment schedules; and
(g) A master agreement for the Program.
(Added to NRS by 1997, 3484; A 2001, 2163, 2166; 2005, 364; 2015, 2449; 2017, 4146)
Ch. 576, Stats. 2017, which requires the Board of Trustees of the College Savings Plans of Nevada to adopt regulations setting forth requirements for a master agreement for the Program, contains the following provision not included in NRS:
"Sec. 6.7. 1. On or before October 1, 2017, the Board of Trustees of the College Savings Plans of Nevada created by NRS 353B.005, as amended by section 2 of this act, shall amend the master agreement for the Nevada Higher Education Prepaid Tuition Program created in accordance with regulations adopted pursuant to NRS 353B.090, as amended by section 2.4 of this act, to authorize, pursuant to NRS 353B.090, as amended by section 2.4 of this act, the application of any money paid into the Nevada Higher Education Prepaid Tuition Trust Fund created by NRS 353B.140, as amended by section 2.5 of this act, under a prepaid tuition contract that is remaining after a qualified beneficiary has graduated with an undergraduate degree toward tuition for graduate-level studies by the qualified beneficiary at:
(a) A university, state college or community college that is a member of the Nevada System of Higher Education;
(b) An accredited college or university in this State that is not a member of the System; or
(c) An accredited community college, college or university in another state.
2. As used in this section:
(a) "Prepaid tuition contract" has the meaning ascribed to it in NRS 353B.030.