South Dakota § 13-63-21.1 Excess contributions--Processing.

South Dakota Statutes

§ 13-63-21.1 — Excess contributions--Processing.

South Dakota § 13-63-21.1

Title 13EDUCATION

Ch. 13-60HIGHER EDUCATION SAVINGS PLAN

This text of South Dakota § 13-63-21.1 (Excess contributions--Processing.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 13-63-21.1 (2026).

Text

For each designated beneficiary, the balance in the qualified tuition program may not exceed the limits as defined in section 529 of the Internal Revenue Code. If the financial institution determines that a contribution would cause the account balance limit to be exceeded, the financial institution may only deposit that portion of the contribution, if any, that does not result in an excess balance. The financial institution shall return the excess to the contributor or permit the account owner to transfer the excess to another account in accordance with § 13-63-13 . The program manager shall continuously monitor the current, cumulative balance in the accounts for each designated beneficiary.

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For each designated beneficiary, the balance in the qualified tuition program may not exceed the limits as defined in section 529 of the Internal Revenue Code. If the financial institution determines that a contribution would cause the account balance limit to be exceeded, the financial institution may only deposit that portion of the contribution, if any, that does not result in an excess balance. The financial institution shall return the excess to the contributor or permit the account owner to transfer the excess to another account in accordance with § 13-63-13 . The program manager shall continuously monitor the current, cumulative balance in the accounts for each designated beneficiary.