Tex. Occ. Code § 1603.3604 · Subchapter H-1. FINANCIAL PROVISIONS APPLICABLE TO PRIVATE POSTSECONDARY SCHOOLS
INTEREST ON REFUND.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If tuition is not refunded within the period required by Section 1603.3603, the private postsecondary school shall pay interest on the amount of the refund for the period beginning the first day after the date the refund period expires and ending the day preceding the date the refund is made.
(b) If tuition is refunded to a lending institution, the interest shall be paid to that institution and applied against the student's loan.
(c) The commissioner of education shall annually set the interest rate at a rate sufficient to deter a school from retaining money paid by a student.
(d) The department may exempt a school from the payment of interest if the school makes a good faith effort to refund the tuition but is unable to locate the student. The school shall provide to the department on request documentation of the effort to locate the student.
Notes and commentary — not statutory text
History
Added by Acts 2021, 87th Leg., R.S., Ch. 663 (H.B. 1560), Sec. 3.29, eff. September 1, 2021.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/OC/htm/OC.1603.htm
- Text hash
- sha256 dd38da783e803d8e3739e8be613bb55601dc49a3dc0e8e6be1e9375f09e508b8
- 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
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