Texas Education Code 54.755 – Prepaid Tuition Contract
Current as of: 2024 | Check for updates
|
Other versions
(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.
Terms Used In Texas Education Code 54.755
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(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.