3334-1-08 Transfer of account ownership. or account funds.

(A) Neither a purchaser owning an account created under the Ohio college savings program nor a contributor who owns an account created under the Ohio variable college savings program may make a partial transfer of his ownership in said account. Only transfers of the entire ownership of an account will be permitted as described in paragraph (B) of this rule. A purchaser or contributor may, however, transfer funds out of his account to another person or entity provided, however, in the case of a purchaser owning an account created under the Ohio college savings program, if the new owner later transfers back all or any portion of said funds to the purchaser, then further transfers by the purchaser will be prohibited unless any such additional proposed transfer is approved by the authority due to special or unique circumstances presented to the authority which approval shall, however, be at the sole discretion of the authority. This limitation shall not apply to transfers of funds by contributors who own an account created under the Ohio variable college savings program.

(B) Transfer of the ownership by a purchaser of his entire account created under the Ohio college savings program to a new owner if later transferred back to the purchaser may not thereafter be further transferred unless said additional proposed transfer is approved by the authority due to special or unique circumstances presented to the authority which approval shall, however, be at the sole discretion of the authority. This limitation shall not apply to transfers by contributors of ownership of their entire accounts created under the Ohio variable college savings program. Except as limited in paragraph (B) of this rule, other ownership transfers by purchasers of their entire account shall be unrestricted.

(C) Notwithstanding the provisions of paragraph (B) of this rule, the ownership of an account created under the Ohio college savings program may be transferred more than one time by a purchaser if due to the death, incompetence or permanent disability of said purchaser , any of which events shall not be counted against the limitation set forth in paragraph (B) of this rule.

Effective: 07/02/2010
R.C. 119.032 review dates: 08/21/2011
Promulgated Under: 111.15
Statutory Authority: ORC sec. 3334.20(D)
Rule Amplifies: ORC 3334.08
Prior Effective Dates: 08/21/2006