Sec. 54.755. PREPAID TUITION CONTRACT. (a) The board shall adopt a form for a prepaid tuition contract to be used by the board and purchasers.
(b) A prepaid tuition contract must:
(1) specify the terms under which the purchaser must pay any amounts owed under the contract;
(2) specify the consequences of default;
(3) specify the name and date of birth of the beneficiary under the contract and the terms under which another person may be substituted as the beneficiary;
(4) specify the date the beneficiary is projected to graduate from high school; and
(5) contain any other provisions the board considers necessary or appropriate.
(c) A prepaid tuition contract may provide for the purchase of additional tuition units in subsequent years at the then-current price of the additional units.
Added by Acts 2007, 80th Leg., R.S., Ch. 1281 (H.B. 3900), Sec. 1, eff. June 15, 2007.
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