A. Within thirty (30) days of written notice to the Regents that a qualified beneficiary is enrolled in and attending classes for a given semester, quarter, term, or session, the Regents shall pay to the appropriate institution of higher education the then actual in-state fees on behalf of the qualified beneficiary.
B. If a qualified beneficiary or a nonresident beneficiary receives a scholarship which reduces the cost of tuition at the institution of higher education which such beneficiary attends, then the institution of higher education shall notify the Regents of the scholarship and its amount. The Regents shall refund the amount of the scholarship to the person designated in the contract as the appropriate person to receive a refund. The Regents shall pay to the institution of higher education the tuition amount less the scholarship amount. The refund amount shall be treated by the recipient of the refund as ordinary income for the year in which it is received.
Added by Laws 1988, c. 261, § 8, emerg. eff. June 29, 1988.