Section R7-3-502. Fees

A.       Application fee. The application fee is $10. Application fees shall be forwarded to the Commission at the end of the month in which the account is opened. A financial institution may waive the application fee but will nevertheless be responsible for tendering to the Commission $10 for each new account

opened; said tender to be made at the end of the month in which the account is opened. The Committee shall review the application fee every 24 months and recommend to the Com- mission whether the application fee should be adjusted.

B.       Administrative fee. For each account opened, the financial institution shall pay to the Commission a one-time fee of $3 at the end of the month in which the account was opened. The Committee shall review the administrative fee every 24 months and recommend to the Commission whether the administrative fee should be adjusted. The financial institution shall not charge the account owner the administrative fee.

C.       Marketing fee. The financial institution shall pay to the Com- mission an annual marketing fee. The marketing fee shall be paid at the beginning of each calendar year as a $200 flat fee. If a financial institution begins participating in the Arizona Family College Savings Program after the beginning of a cal- endar year, the financial institution shall pay a pro-rated mar- keting fee based upon the month  in which it begins participation in the Program regardless of the day in the month. The Committee shall review the marketing fee every 12 months and recommend to the Commission whether the marketing fee should be adjusted. The Commission may review the marketing fee prior to the committee’s required 12- month review. The financial institution shall not charge the account owner the marketing fee.

Historical Note

Adopted effective October 31, 1997, under an exemption from the Administrative Procedure Act pursuant to

A.R.S. § 15-1852(C) (Supp. 97-4). Amended by exempt rulemaking at 9 A.A.R. 3886, effective August 14, 2003

(Supp. 03-3).