Title ED, Education Code

Sec. 54.609. REMOVAL OF BOARD MEMBER. (a) It is a ground for removal from the board if a member: (1) does not have at the time of taking office the applicable qualifications required by Section 54.606(b); (2) is ineligible for membership under Section 54.608; (3) cannot because o…

Sec. 54.610. TRAINING OF BOARD MEMBERS. (a) A person who is appointed to and qualifies for office as a member of the board may not vote, deliberate, or be counted as a member in attendance at a meeting of the board until the person completes a training program that complies with …

Sec. 54.611. BOARD OFFICERS. (a) The comptroller serves as the presiding officer of the board. (b) The board shall appoint a secretary of the board whose duties may be prescribed by law and by the board. Added by Acts 1995, 74th Leg., ch. 1032, Sec. 1, eff. Sept. 1, 1995.

Sec. 54.612. COMPENSATION AND EXPENSES OF APPOINTED BOARD MEMBERS. Appointed members of the board shall serve without pay but shall be reimbursed for their actual expenses incurred in attending meetings of the board or in performing other work of the board when that work is appro…

Sec. 54.613. MEETINGS. (a) The board shall hold regular quarterly meetings in the city of Austin and other meetings at places and times scheduled by the board in formal sessions and called by the presiding officer. (b) The board shall develop and implement policies that provide t…

Sec. 54.614. APPLICABILITY OF OPEN MEETINGS LAW AND ADMINISTRATIVE PROCEDURE LAW. The board is subject to the open meetings law, Chapter 551, Government Code, and the administrative procedure law, Chapter 2001, Government Code. Added by Acts 1995, 74th Leg., ch. 1032, Sec. 1, eff…

Sec. 54.615. EXECUTIVE DIRECTOR; STAFF. (a) The comptroller serves as the executive director of the board. (b) The employees of the comptroller selected by the comptroller for that purpose serve as the staff of the board. (c) The comptroller shall select and supervise the staff o…

Sec. 54.616. PROGRAM AND FACILITY ACCESSIBILITY. (a) The board shall comply with federal and state laws related to program and facility accessibility. (b) The board shall prepare and maintain a written plan that describes how a person who does not speak English can be provided re…

Sec. 54.617. PUBLIC INTEREST INFORMATION AND COMPLAINTS. (a) The board shall prepare information of public interest describing the functions of the board and the board's procedures by which complaints are filed with and resolved by the board. The board shall make the information …

Sec. 54.6175. USE OF TECHNOLOGY. The board shall implement a policy requiring the board to use appropriate technological solutions to improve the board's ability to perform its functions. The policy must ensure that the public is able to interact with the staff of the board on th…

Sec. 54.618. POWERS OF BOARD. (a) The board has the powers necessary or proper to carry out this subchapter. (b) The board may: (1) adopt an official seal; (2) adopt rules to implement this subchapter; (3) sue and be sued; (4) enter into contracts and other necessary instruments;…

Sec. 54.6181. ADVISORY COMMITTEES. (a) The board by rule may establish advisory committees to make recommendations to the board on programs, rules, and policies administered by the board. (b) In establishing an advisory committee under this section, the board shall adopt rules, i…

Sec. 54.619. PREPAID HIGHER EDUCATION TUITION PROGRAM. (a) Under the program, a purchaser may enter into a prepaid tuition contract with the board under which the purchaser agrees to prepay the tuition and required fees for a beneficiary to attend an institution of higher educati…

Sec. 54.6195. APPLICATION FOR ENROLLMENT. (a) The board shall adopt a form for an application for enrollment in the program. The form must indicate the information that the applicant is required to provide in order for the application to be considered, including the information r…

Sec. 54.620. PREPAID TUITION CONTRACT. (a) The board may contract with a purchaser for the purchaser to prepay the tuition and required fees for a beneficiary to attend an institution of higher education or private or independent institution of higher education to which the benef…

Sec. 54.621. BENEFICIARY. (a) Except as provided by Subsection (d), the beneficiary of a prepaid tuition contract must be younger than 18 years of age or 18 years of age or older and enrolled in high school at the time the purchaser enters into the contract and must be: (1) a res…

Sec. 54.622. TYPES OF PLANS. The board shall make prepaid tuition contracts available for the: (1) junior college plan; (2) senior college plan; (3) junior-senior college plan; and (4) private college plan. Added by Acts 1995, 74th Leg., ch. 1032, Sec. 1, eff. Sept. 1, 1995.

Sec. 54.623. JUNIOR COLLEGE PLAN. Through the junior college plan, a prepaid tuition contract shall provide prepaid tuition and required fees for the beneficiary to attend a public junior college for a specified number of undergraduate credit hours not to exceed the typical numbe…

Sec. 54.624. SENIOR COLLEGE PLAN. (a) Through the senior college plan, a prepaid tuition contract shall provide prepaid tuition and required fees for the beneficiary to attend a public senior college or university for a specified number of undergraduate credit hours not to exceed…

Sec. 54.6245. GRADUATE AND PROFESSIONAL DEGREE PLANS. (a) The board may establish one or more plans to allow a person to prepay all or part of the tuition and required fees for enrollment in a graduate or professional degree program at an institution of higher education or privat…

Sec. 54.625. JUNIOR-SENIOR COLLEGE PLAN. Through the junior-senior college plan, a prepaid tuition contract shall provide prepaid tuition and required fees for the beneficiary to attend: (1) a public junior college for a specified number of undergraduate credit hours not to excee…

Sec. 54.6251. PRIVATE COLLEGE PLAN. Through the private college plan, a prepaid tuition contract shall provide prepaid estimated average private tuition and required fees for the beneficiary to attend a private or independent institution of higher education for a specified number…

Sec. 54.6252. CONTRACT FOR ADDITIONAL CREDIT HOURS. (a) The board may permit the purchaser of a prepaid tuition contract for a senior college plan or a private college plan at any time during which the contract is in effect and before the beneficiary graduates from high school to…

Sec. 54.626. CONTRACT PAYMENT. (a) The board may provide for the receipt of payments under prepaid tuition contracts in lump sums or installment payments. If the board allows payments under a contract to be made in installments over a period longer than one year, it must provide …

Sec. 54.6261. DEFERRED USE OF PREPAID CREDIT HOURS. (a) A prepaid tuition contract must permit the beneficiary to elect to pay from another source the beneficiary's tuition and required fees for some or all of the semester credit hours to which the beneficiary is entitled to paym…

Sec. 54.6262. APPLICATION OF UNUSED CREDIT HOURS TO GRADUATE TUITION. (a) If the beneficiary of a prepaid tuition contract registers in a graduate or professional degree program before the termination of the contract and the beneficiary has not received payment under the contract…

Sec. 54.627. CHANGE OF BENEFICIARY. (a) The purchaser of a prepaid tuition contract may designate a new beneficiary instead of the original beneficiary if the new beneficiary meets the requirements of a beneficiary on the date the designation is changed. Except as provided by Sub…

Sec. 54.628. CONVERSION TO ANOTHER PLAN. (a) A purchaser may convert a prepaid tuition contract from one plan to another plan. (b) The board may adjust the terms of the contract so that the purchaser is required to pay the amount required under the plan to which the contract is c…

Sec. 54.629. VERIFICATION UNDER OATH. The board may require a purchaser to verify under oath a request to: (1) change a beneficiary; (2) convert a contract to another plan; or (3) terminate a contract. Added by Acts 1995, 74th Leg., ch. 1032, Sec. 1, eff. Sept. 1, 1995.

Sec. 54.630. PROMISE OR GUARANTEE OF ADMISSION. This subchapter is not a promise or guarantee that a beneficiary will be: (1) admitted to any institution of higher education or private or independent institution of higher education; (2) admitted to a particular institution of hig…

Sec. 54.631. CONTRACT TERMINATION. (a) A prepaid tuition contract shall specify: (1) the name of any person who may terminate the contract; and (2) the terms under which the contract may be terminated. (b) A prepaid tuition contract terminates on the 10th anniversary of the date …

Sec. 54.632. REFUND. (a) A prepaid tuition contract shall specify: (1) the name of the person entitled to any refund if the contract is terminated; (2) the terms under which a person is entitled to a refund; and (3) the method by which the amount of the refund is calculated. (b) …

Sec. 54.633. PREPAID HIGHER EDUCATION TUITION SCHOLARSHIPS FOR STUDENTS. (a) To the extent money is available, the board or the board of a direct-support organization established by the board under Subsection (e) may award a prepaid higher education tuition scholarship to a stude…

Sec. 54.634. ESTABLISHMENT OF TRUST FUND; COLLEGE SAVINGS PLAN ACCOUNT. (a) The Texas tomorrow constitutional trust fund is created as a trust fund to be held with the comptroller. The fund consists of: (1) state appropriations for purposes of the fund; (2) money acquired from ot…

Sec. 54.635. COMPTROLLER. (a) Except as provided by Subsection (d), the comptroller is the custodian of the assets of the fund. (b) The comptroller shall pay money from the fund on a warrant drawn by the comptroller supported only on a voucher signed by the comptroller or the com…

Sec. 54.636. INVESTMENT OF FUND ASSETS. (a) The board shall invest the assets of the fund. (b) The board may contract with private professional investment managers to assist the board in investing the assets of the fund. (c) The board shall develop written investment objectives c…

Sec. 54.637. USE OF FUND ASSETS. The assets of the fund may be used only to: (1) pay the costs of program administration and operations; (2) make payments to institutions of higher education or private or independent institutions of higher education on behalf of beneficiaries; an…

Sec. 54.6385. EXEMPTION FROM SECURITIES LAWS. The registration requirements of The Securities Act (Title 12, Government Code) do not apply to the sale of a prepaid tuition contract by the board or by a registered securities dealer or registered investment adviser. Added by Acts 1…

Sec. 54.639. EXEMPTION FROM CREDITORS' CLAIMS. (a) Money in the fund is exempt from claims of creditors, including claims of creditors of a purchaser, a beneficiary, or a successor in interest of a purchaser or beneficiary. (b) The rights of a purchaser, beneficiary, or successor…

Sec. 54.640. ACTUARIAL SOUNDNESS OF FUND. (a) The board shall administer the fund in a manner that is sufficiently actuarially sound to pay the costs of program administration and operations and meet the obligations of the program. (b) The board shall annually evaluate the actuar…

Sec. 54.6401. COMPLIANCE WITH LIMITS ON CONTRIBUTIONS AND WITHDRAWALS. The board shall monitor contributions to and withdrawals from the fund and any account within the fund to ensure that any applicable limits on contributions or withdrawals are not exceeded. Added by Acts 2001,…

Sec. 54.641. STATEMENT REGARDING STATUS OF PREPAID TUITION CONTRACT. (a) Not later than January 31 of each year, the board shall furnish without charge to each purchaser a statement of: (1) the amount paid by the purchaser under the prepaid tuition contract; (2) the number of cre…

Sec. 54.642. REPORTS. (a) Not later than December 1 of each year, the board shall submit to the governor, lieutenant governor, speaker of the house of representatives, Legislative Budget Board, Legislative Audit Committee, and Texas Higher Education Coordinating Board a report in…

Sec. 54.643. CONFIDENTIALITY. (a) Records in the custody of the board relating to the participation of specific purchasers and beneficiaries in the program are confidential. (b) Notwithstanding Subsection (a), the board may release information described by that subsection to an i…

Sec. 54.644. TAX EXEMPT STATUS REQUIREMENTS. (a) The provisions of this section are intended to meet the requirements of Section 529 of the Internal Revenue Code of 1986. (b) A payment of an amount due to the fund for a prepaid tuition contract must be made in cash. A person may …

Sec. 54.701. DEFINITIONS. In this subchapter: (1) "Beneficiary" means an individual designated as the individual whose qualified higher education expenses are expected to be paid from the savings trust account. (2) "Board" means the Prepaid Higher Education Tuition Board. (3) "El…