Oklahoma § 70-6007 - Payments on behalf of beneficiaries - Scholarship

§ 70-6007. Payments on behalf of beneficiaries - Scholarship

refunds.

A. Within thirty (30) days of written notice to the Regents

that a qualified beneficiary is enrolled in and attending classes

for a given semester, quarter, term, or session, the Regents shall

pay to the appropriate institution of higher education the then

actual in-state fees on behalf of the qualified beneficiary.

B. If a qualified beneficiary or a nonresident beneficiary

receives a scholarship which reduces the cost of tuition at the

institution of higher education which such beneficiary attends, then

the institution of higher education shall notify the Regents of the

scholarship and its amount. The Regents shall refund the amount of

the scholarship to the person designated in the contract as the

appropriate person to receive a refund. The Regents shall pay to

the institution of higher education the tuition amount less the

scholarship amount. The refund amount shall be treated by the

recipient of the refund as ordinary income for the year in which it

is received.

Added by Laws 1988, c. 261, § 8, emerg. eff. June 29, 1988.