.10 Refund Policy.

A. Except as provided in §B of this regulation, an institution's refund policy shall conform to this regulation and the institution shall provide for refunds of tuition to Maryland students as provided in this regulation.

B. If an institution's refund policy is more beneficial to Maryland students, the institution shall follow its refund policy and provide for refunds of tuition to Maryland students as provided in that policy.

C. Minimum Refund.

(1) The minimum refund that an institution shall pay to a Maryland student who withdraws or is terminated after completing only a portion of a course, program, or term within the applicable billing period is as follows:

Proportion of Total Course, Program, or Term Completed as of Date of Withdrawal or Termination	Tuition Refund
Less than 10%	90% refund
10% up to but not including 20%	80% refund
20% up to but not including 30%	60% refund
30% up to but not including 40%	40% refund
40% up to but not including 60%	20% refund
More than 60%	No refund

(2) A refund due to a Maryland student shall be based on the date of withdrawal or termination and paid within 60 days from the date of withdrawal or termination.

D. An institution's refund policy for Maryland students shall be clearly disclosed to and acknowledged by students at enrollment.

E. An institution shall maintain documentation to verify that a refund has been made.