1. The Board shall develop the Nevada Higher Education Prepaid Tuition Program for the prepayment of tuition for a qualified beneficiary for:
(a) Undergraduate studies at:
(1) A university, state college or community college that is a member of the System;
(2) An accredited college or university in this State that is not a member of the System; or
(3) An accredited community college, college or university in another state.
(b) If any money paid into the Trust Fund under a prepaid tuition contract is remaining after a qualified beneficiary has graduated with an undergraduate degree, for graduate-level studies at:
(1) A university, state college or community college that is a member of the System;
(2) An accredited college or university in this State that is not a member of the System; or
(3) An accredited community college, college or university in another state.
2. The amount of the tuition under a prepaid tuition contract must be at a guaranteed rate which is established based on the annual actuarial study required pursuant to NRS 353B.190 for undergraduate studies at a university, state college or community college that is a member of the System.
3. The Board shall adopt regulations for the implementation of the Program, including, without limitation, regulations setting forth requirements for:
(a) Residency;
(b) A limit on the number of qualified beneficiaries;
(c) The termination, withdrawal and transfer of money paid into the Trust Fund;
(d) A payment received by the Trust Fund as a matching contribution made as described in NRS 363A.137 or 363B.117 to be credited to the qualified beneficiary on whose behalf the matching contribution was made;
(e) The time within which the money paid into the Trust Fund must be used;
(f) Payment schedules; and
(g) A master agreement for the Program.