Utah Code 53B-8a-108. Cancellation of agreements
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(1) Any account owner may cancel an account agreement at will.
Terms Used In Utah Code 53B-8a-108
- Account agreement: means an agreement between an account owner and the Utah Educational Savings Plan entered into under this chapter. See Utah Code 53B-8a-102
- Account owner: means a person, estate, or trust, if that person, estate, or trust has entered into an account agreement under this chapter to save for the higher education costs on behalf of a beneficiary. See Utah Code 53B-8a-102
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means the individual designated in an account agreement to benefit from the amount saved for higher education costs. See Utah Code 53B-8a-102
- Plan: means the Utah Educational Savings Plan created in Section 53B-8a-103. See Utah Code 53B-8a-102
(2) If an account agreement is cancelled by the account owner, the current account balance shall be disbursed to the account owner less:
(2)(a) an administrative refund fee, which may be charged by the plan, except as provided in Subsection (3) ; and
(2)(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:
(3)(a) the death of the beneficiary; or
(3)(b) the permanent disability or mental incapacity of the beneficiary.