§ 53B-8a-108. Cancellation of agreements.

(1) Any account owner may cancel an account agreement at will.

(2) If an account agreement is cancelled by the account owner, the current account balance shall be disbursed to the account owner less:

(a) an administrative refund fee, which may be charged by the plan, except as provided in Subsection (3); and

(b) any penalty or tax required to be withheld by the Internal Revenue Code.

(3) An administration refund fee may not be levied by the plan if the account agreement is cancelled due to:

(a) the death of the beneficiary; or

(b) the permanent disability or mental incapacity of the beneficiary.

Amended by Chapter 6, 2010 General Session