Tex. Educ. Code § 54.644 · Subchapter F. PREPAID HIGHER EDUCATION TUITION PROGRAM
TAX EXEMPT STATUS REQUIREMENTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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 not make a payment to the fund in excess of the amounts required to be paid under a prepaid tuition contract.
(c) The board shall maintain a separate accounting for each beneficiary.
(d) The purchaser of a prepaid tuition contract and the beneficiary of the contract may not control or direct the investment of payments under the contract or any earnings of the fund.
(e) The purchaser of a prepaid tuition contract and the beneficiary of the contract may not use any interest in the contract as security for a loan or other obligation.
(f) The board shall make reports required by the secretary of the United States Treasury.
Notes and commentary — not statutory text
History
Added by Acts 1997, 75th Leg., ch. 522, Sec. 11, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/ED/htm/ED.54.htm
- Text hash
- sha256 3784d9a6fb84466d6ce2e1e222bf675d75c140dacc1afccd3726424cbd06cf88
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.