South Dakota Codified Laws > Title 13 > Chapter 55E – Advance Payment of Higher Education Costs


§ 13-55E-1	Definition of terms
§ 13-55E-2	Advance payment contract–Time limitations of benefits
§ 13-55E-3	Reduction of time limitations of benefits
§ 13-55E-4	Specification of payment options
§ 13-55E-5	Limitation on tuition benefits in excess of resident tuition costs
§ 13-55E-6	Obligations under contract–No guarantee of admission, resident status, orgraduation
§ 13-55E-7	Nontransferability–Substitution of beneficiary
§ 13-55E-8	Deposits of payments–State fund
§ 13-55E-9	Expenditures from fund–Administration costs and fees
§ 13-55E-10	Schedule for payment to institutions of higher education
§ 13-55E-11	Nonutilization of advance payment contract–Refunds
§ 13-55E-12	Direct payment of costs to beneficiary

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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}
Contract: A legal written agreement that becomes binding when signed.
Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2