Cancellation of agreements.

1. Law
2. Utah Code
3. State System of Higher Education
4. Utah Educational Savings Plan
5. Utah Educational Savings Plan
6. Cancellation of agreements.

• (1) Any account owner may cancel an account agreement at will.

• (2) If an account agreement is cancelled by the account owner, the current account balance shall be disbursed to the account owner less:
  • (a) an administrative refund fee, which may be charged by the plan, except as provided in Subsection (3); and
  • (b) any penalty or tax required to be withheld by the Internal Revenue Code.

• (3) An administration refund fee may not be levied by the plan if the account agreement is cancelled due to:
  • (a) the death of the beneficiary; or
  • (b) the permanent disability or mental incapacity of the beneficiary.

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