1. (1) A Designated Beneficiary may terminate his or her ABLE Account and Contract or a Designated Beneficiary’s Legal Representative may terminate a Designated Beneficiary’s ABLE Account and Contract at any time and for any reason upon a written request submitted to the State. In response to a written request for termination, a Refund will be paid to the Designated Beneficiary, Designated Beneficiary’s Legal Representative or any other Person designated to receive a Refund under the Contract. The actual termination of the ABLE Account and Contract will not occur until all funds in the Designated Beneficiary’s ABLE Account have been refunded.

Authority: T.C.A. §§ 71-4-804(b); 71-4-805; 71-4-806; 71-4-807; and Chapter 470 of the 2015 Public Acts. Administrative History: Original rule filed October 8, 2015; effective January 6, 2016.