Title ED, Education Code

Sec. 54.9085. ENCUMBRANCE OR TRANSFER OF ACCOUNT PROHIBITED. (a) An ABLE account may not be assigned for the benefit of creditors, used as security or collateral for any loan, or otherwise subject to alienation, sale, transfer, assignment, pledge, encumbrance, or charge. (b) Notw…

Sec. 54.909. USE OF FUND ASSETS. The assets of the program may only be used to: (1) make distributions to designated beneficiaries; (2) pay the costs of program administration and operations; (3) make refunds for cancellations, excess contributions, liquidation under Section 54.9…

Sec. 54.910. DESIGNATED BENEFICIARY. (a) The participant is the designated beneficiary and the owner of the ABLE account except as described by Subsection (b) and as otherwise permitted by Section 529A, Internal Revenue Code. (b) If the designated beneficiary of the account is no…

Sec. 54.911. VERIFICATION UNDER OATH. The board may require a participant to verify under oath: (1) the participant's certification as an eligible individual; (2) the participant's selection to change a designated beneficiary; (3) the participant's selection to cancel a participa…

Sec. 54.912. CANCELLATION. (a) A participant may cancel a participation agreement at will. (b) Each participation agreement must provide that the agreement may be canceled on the terms and conditions and on payment of applicable fees and costs as provided by rule. Added by Acts 2…

Sec. 54.913. REPORTS. (a) The board shall comply with the reporting requirements in Section 529A, Internal Revenue Code. (b) The board shall report financial information related to the ABLE program in an annual financial report in accordance with the comptroller's requirements an…

Sec. 54.914. CONFIDENTIALITY OF RECORDS. (a) Except as otherwise provided by this section, all information relating to the program is public and subject to disclosure under Chapter 552, Government Code. (b) Information relating to a prospective or current participant or designate…

Sec. 54.915. PROGRAM LIMITATIONS. (a) Nothing in this subchapter or in any participation agreement entered into under this subchapter may be construed to guarantee that amounts saved under the program will be sufficient to cover the qualified disability expenses of a designated b…

Sec. 54.916. TERMINATION OR MODIFICATION OF PROGRAM. (a) If the comptroller determines that the ABLE program is not financially feasible, the comptroller shall notify the governor and the legislature and recommend that the board not administer an ABLE program or that the program …