The trust may terminate a contract and provide a refund in an amount equal to the prepaid tuition amount, less a termination fee and educational benefits used, if any of the following have been fraudulently stated in an application or a contract:

1. (a) The age of the beneficiary or purchaser.
2. (b) The grade of the beneficiary.
3. (c) The date upon which the beneficiary may receive benefits under a contract.
4. (d) The residency of the beneficiary or purchaser at the time the contract is submitted to the trust.
5. (e) Other matters as determined by the board.

History: 1992 AACS.