MS SB2724

Amends Section 37-155-25, Mississippi Code of 1972 to require the Legislature to fully fund the Mississippi Prepaid Affordable College Tuition program effective with fiscal year 2022.

Requires the Legislature to appropriate sufficient funds to the program if monies in the fund are insufficient to pay tuition and required fees for beneficiaries at their enrolled institutions.

Maintains existing provisions allowing the board to discontinue the program if deemed financially infeasible, with qualified beneficiaries within five years of enrollment retaining full contract benefits.

Requires refunds for non-qualified contract holders consisting of amounts paid plus interest at rates matching prevailing savings account rates from banks and savings and loan associations.

Effective July 1, 2021.