The State Regents for Higher Education are hereby authorized to study developing a program to create at least one trust fund whereby Oklahoma residents will be able to pre-pay all or part of enrollment fees or tuition to any Oklahoma institution of higher education recognized by the Oklahoma State Regents for Higher Education. This program shall require that monies paid in shall be held in trust and used to pay all or part of the enrollment fees for the beneficiaries designated by the contributor to the trust. The program shall allow payments to be made either in a lump sum or in installments, with the amounts of money due being determined based on the age of the beneficiary. The program shall require the Oklahoma State Regents for Higher Education to file a report with the Speaker of the House of Representatives and the President Pro Tempore of the Senate prior to January 31 of each year, detailing the activity of the trust in the previous year. The Oklahoma State Regents for Higher Education are authorized to model the planon the Michigan education trust act. The Regents shall, prior to January 31, 1988, file a report with the Speaker of the House of Representatives and the President Pro Tempore of the Senate, outlining the program.
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