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. 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. Minimum Refund. 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: 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. An institution's refund policy for Maryland students shall be clearly disclosed to and acknowledged by students at enrollment. An institution shall maintain documentation to verify that a refund has been made.