Oklahoma § 70-6006 - Types of advance tuition payment contracts
Full text of Oklahoma Oklahoma Statutes § 70-6006 — Types of advance tuition payment contracts, with citation guidance and answers to common questions.
§ 70-6006. Types of advance tuition payment contracts
A. At a minimum, the Trust shall offer advance tuition payment
contracts of the two types set forth in paragraphs 1 and 2 of this
subsection to be known as Plan A and Plan B, respectively.
1. Under Plan A:
a.
a payment or series of payments shall be
required from the purchaser on behalf of a qualified beneficiary,
b.
if an advance tuition payment contract is
terminated before a qualified beneficiary earns a high school
diploma or reaches the age of majority, or pursuant to Section 9 of
this act, the Trust shall refund the face amount of the payment or
payments in accordance with the terms of the contract, less any
administrative fee specified in the contract, but shall not refund
any investment income attributable to the payments,
c.
except as provided in subparagraph d of this
paragraph, the Trust shall provide for the qualified beneficiary to
Oklahoma Statutes - Title 70. Schools
attend an institution of higher education which the qualified
beneficiary may attend for the number of credit hours required by
the institution for the awarding of a bachelor's degree, without
further tuition cost to the qualified beneficiary, except as
provided in Section 6 of this act for a qualified beneficiary who is
required to pay nonresident tuition rates,
d.
as an alternative to subparagraph c of this
paragraph, the Trust shall provide for the qualified beneficiary to
attend an institution of higher education which the qualified
beneficiary may attend for a fixed number of credit hours, as
permitted by the Trust, less than the total number of credit hours
required by the institution for the awarding of a bachelor's degree,
without further tuition cost to the qualified beneficiary for that
fixed number of credit hours, except as provided in Section 6 of
this act for a qualified beneficiary who is required to pay
nonresident tuition rates.
2. Under Plan B:
a.
a payment or series of payments shall be
required on behalf of a qualified beneficiary,
b.
if an advance tuition payment contract is
terminated before a qualified beneficiary earns a high school
diploma or reaches the age of majority, or pursuant to Section 9 of
this act, the Trust shall refund the face amount of the payment or
payments in accordance with the terms of the contract, less any
administrative fee specified in the contract, together with all or a
specified portion of accrued investment income attributable to the
payment or payments as may be agreed to in the contract,
c.
except as provided in subparagraph d of this
paragraph, the Trust shall provide for the qualified beneficiary to
attend an institution of higher education which the qualified
beneficiary may attend for the number of credit hours required by
the institution for the awarding of a bachelor's degree, without
further tuition cost to the qualified beneficiary, except as
provided in Section 6 of this act for a qualified beneficiary who is
required to pay nonresident tuition rates, and
d.
as an alternative to subparagraph c of this
paragraph, the Trust shall provide for the qualified beneficiary to
attend an institution of higher education which the qualified
beneficiary may attend for a fixed number of credit hours, as
permitted by the Trust, less than the total number of credit hours
required by the institution for the awarding of a bachelor's degree,
without further tuition cost to the qualified beneficiary for that
fixed number of credit hours, except as provided in Section 6 of
this act for a qualified beneficiary who is required to pay
nonresident tuition rates.
B. Contracts required to be offered by this section may
require that payment or payments from a purchaser, on behalf of a
Oklahoma Statutes - Title 70. Schools
qualified beneficiary who may attend a state institution of higher
education in less than four (4) years after the date the contract is
entered into by the purchaser, be based upon attendance at a certain
institution of higher education or at that institution of higher
education with the highest prevailing tuition cost for the number of
credit hours covered by the contract.
Added by Laws 1988, c. 261, § 7, emerg. eff. June 29, 1988.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 70-6006
What does Oklahoma Statutes § 70-6006 cover?
Section 70-6006 ("Types of advance tuition payment contracts") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 70-6006?
A common citation format is "Oklahoma Statutes § 70-6006" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 70-6006 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.