Rule 38-2-12.2 - Fees Assessed and Fee Schedules The following Administrative Fees and fee schedules will apply to all Purchasers of MPACT Contracts, subject to changes the State Treasurer may make over the life of the Contract in the types and/or amounts of such Administrative Fees:
A. Application Processing Fee - A sixty dollar ($60.00) Application Processing Fee will be collected for EACH MPACT Application at the time that the Application is submitted to the State Treasurer. An Application will not be accepted unless the full amount of the Application Processing Fee is submitted along with the Application.B. In general, the Application Processing Fee is nonrefundable. The Application Processing Fee will only be refunded if the MPACT Application is rejected and the Purchaser is denied participation in the MPACT Program through no fault of the Purchaser.C. Account Maintenance Fee - All MPACT Contract payments include a nonrefundable account maintenance fee. The account maintenance fee for monthly payment Contracts is two dollars ($2.00) per month. The account maintenance fee for lump-sum payment Contracts is three dollars ($3.00) per year till matriculation of the Qualified Beneficiary.D. Cancellation Fee - An MPACT Contract may be canceled for any of the following: 1. The Purchaser submits a written request;2. The Purchaser fails to make payments pursuant to the Master MPACT and/or the Participation and Payment Schedule;3. The Purchaser fails to make a Contract payment within forty-five (45) days of the first payment due date following the close of the MPACT Enrollment period during which the MPACT Application was submitted. Fifty percent (50%) of the amount paid into the Trust Fund, up to a maximum of one hundred fifty dollars ($150.00), excluding Administrative Fees, will be assessed upon the Cancellation of an MPACT Contract. The Cancellation Fee will be waived in the event of death or disability of the Qualified Beneficiary or with proof of scholarship. Effective for cancellations between January 1, 2002, and September 30, 2014, the cancellation fee will be fifty percent (50%) of the amount paid into the Trust Fund, up to a maximum of twenty five dollars ($25.00), excluding Administrative Fees. Effective for cancellations on or after October 1, 2014, the Cancellation Fee will be fifty percent (50%) of the amount paid into the Trust Fund, up to a maximum of one hundred fifty dollars ($150.00), excluding Administrative Fees.
In the event of death or disability of the Qualified Beneficiary, the Purchaser must submit acceptable documentation along with a written request at the time of application for a refund.
E. Termination Fee - An MPACT Contract may be Involuntarily Terminated for any of the following reasons: 1. The Purchaser or Beneficiary has made a material misrepresentation of information;2. The Purchaser or Beneficiary has provided false information to the MPACT Program;3. The Purchaser has requested or accepted any form of compensation, fee, commission, service charge or any other form of payment or remuneration for entering into a Contract for the benefit of a nonresident Beneficiary; or,4. Such other reasons as the State Treasurer may reasonably impose. If the MPACT Contract is terminated, a Termination Fee of one hundred percent (100%) of the amounts paid into the Trust Fund, excluding Administrative Fees, up to a maximum of five hundred dollars ($500.00) will be assessed. Effective for terminations on or after October 1, 2014, a Termination Fee of one hundred percent (100%) of the amounts paid into the Trust Fund, excluding Administrative Fees, up to a maximum of one thousand five hundred dollars ($1,500.00) will be assessed. Any refund due to the Purchaser of amounts paid into the Trust Fund, in the event of Termination of the MPACT Contract, is addressed in Rule 15.8.
F. Substitution of Beneficiary Fee - A twenty five dollar ($25.00) fee will be assessed to transfer MPACT Contract benefits to a Substitute Beneficiary. In the event of death or disability of the original Beneficiary, or in the event the Beneficiary receives a Full or Partial Scholarship, this fee may be waived. Proof of death or disability of the Qualified Beneficiary, or receipt of a Full or Partial Scholarship by the Qualified Beneficiary, must be provided in such form as deemed acceptable by the State Treasurer.G. Fee for Transfer of Contract Purchaser and Contingent Purchaser - A twenty five dollar ($25.00) fee will be assessed to change the MPACT Contract Purchaser and/or Contingent Purchaser in accordance with the provisions of Rule 8.4 herein. In the event of death or disability of the current Purchaser, this fee may be waived.H. Fee for Enrollment in an Independent/Private In-state Postsecondary or Graduate Institution or in an Out-of-State Postsecondary or Graduate Institution - In the event a Qualified Beneficiary elects to attend an Independent/Private In-state Postsecondary or Graduate Institution or an Out-of-State Postsecondary or Graduate Institution, or in the event a Qualified Beneficiary transfers from an In-state Institution of Higher Education Postsecondary Institution to an Independent/Private In-state Postsecondary or Graduate Institution or to an Out-of-State Postsecondary or Graduate Institution, the Contract benefits will be transferred to such other Postsecondary or Graduate Institution in accordance with the provisions of Chapter 13. Each time a transfer occurs, the MPACT Contract Purchaser may be assessed a twenty-five dollar ($25.00) processing fee per transfer.I. Late Payment Fee - A late payment fee of twenty dollars ($20.00) shall automatically be assessed on each monthly MPACT Contract payment received more than fifteen (15) days past the payment due date. An Actuarial Assessment of 1% per month will automatically be assessed on each lump-sum payment received more than fifteen (15) days past the payment due date. For accounts with partial lump sums and monthly payments, the fee for late payment will be twenty dollars ($20.00) or 1%, whichever is greater. A grace period, up to four (4) days in length, may be granted when a federal and/or state holiday occurs within the fifteen (15) days specified in this Section. If a Purchaser's payments are habitually late, the State Treasurer, at his discretion, may suspend the Contract as described in Rule 11.8.J. Fee for Return Items - A thirty dollar ($30.00) returned item fee shall automatically be assessed for any returned item including, but not limited to, payment made by check or through ACH (Automatic Clearinghouse). Such payments include both MPACT Contract payments and Administrative Fee payments that are returned.K. Fee for Document Replacement or Copies - Except as provided herein, Purchasers and/or Beneficiaries shall automatically be assessed a ten dollar ($10.00) fee per document (not per page) when requesting more than one copy, or a replacement copy, of any MPACT document including, but not limited to, the MPACT Application, the Participation and Payment Schedule, the Master MPACT Contract, the coupon book, and the identification card. If another gift pack is requested, a $7.00 fee will be assessed for the entire gift pack rather than for each document contained in the gift pack. However, for lengthy documents, for documents requiring additional postage beyond the basic postage rate for a first class letter, and for documents requiring overnight delivery, the State Treasurer may assess an additional amount above the ten dollar ($10.00) fee. The additional amount shall not exceed $25.00 per request from the Contract Purchaser.L. Fee for Failure to Provide Sufficient Notification of Intent to Use the Contract Benefits -Pursuant to Rule 11.4 of these Rules , Regulations, and Procedures, the Purchaser should give at least sixty (60) days written notification of the Beneficiary's intent to use MPACT Contract benefits to attend a Private or Out-of-State Postsecondary Institution and should specify the Postsecondary Institution the Beneficiary will attend. Failure to provide adequate notification may result in assessment of a forty-five dollar ($45.00) fee. This fee must be paid by the Purchaser before benefits under the MPACT Contract will be paid to the Postsecondary Institution in which the Qualified Beneficiary has matriculated.M. Fee for Changes in Payment Schedule - A twenty five dollar ($25.00) processing fee will be assessed for a change in payment schedule.Miss. Code Ann. § 37-155-9 (Rev. 2003).