Oklahoma § 70-4705 - Educational trust fund - Study

§ 70-4705. Educational trust fund - Study

The State Regents for Higher Education are hereby authorized to

study developing a program to create at least one trust fund whereby

Oklahoma residents will be able to pre-pay all or part of enrollment

fees or tuition to any Oklahoma institution of higher education

recognized by the Oklahoma State Regents for Higher Education. This

program shall require that monies paid in shall be held in trust and

used to pay all or part of the enrollment fees for the beneficiaries

designated by the contributor to the trust. The program shall allow

payments to be made either in a lump sum or in installments, with

the amounts of money due being determined based on the age of the

beneficiary. The program shall require the Oklahoma State Regents

for Higher Education to file a report with the Speaker of the House

of Representatives and the President Pro Tempore of the Senate prior

to January 31 of each year, detailing the activity of the trust in

the previous year. The Oklahoma State Regents for Higher Education

are authorized to model the planon the Michigan education trust act.

The Regents shall, prior to January 31, 1988, file a report with the

Speaker of the House of Representatives and the President Pro

Tempore of the Senate, outlining the program.

Added by Laws 1987, c. 227, § 8, operative July 1, 1987.