Texas Education Code
§ 29.362 — ADMINISTRATION OF ACCOUNTS
ED § 29.362Title 2. PUBLIC EDUCATION · Part F. CURRICULUM, PROGRAMS, AND SERVICES · Ch. 29. EDUCATIONAL PROGRAMS · Art. J. EDUCATION SAVINGS ACCOUNT PROGRAM
Statute text
View on source(a)On receipt of money distributed by the comptroller for purposes of making transfers to the accounts of participating children, a certified educational assistance organization shall hold that money in trust for the benefit of children participating in the program and make transfers to the account of each participating child served by the organization as follows:
(1)not later than July 1, at least one-quarter of the total annual amount;
(2)not later than October 1, one-half of the total annual amount; and
(3)not later than April 1, the total remaining amount after the transfers under Subdivisions (1) and (2).
(b)Each year, the comptroller may deduct from the total amount of money appropriated for purposes of this subchapter an amount, not to exceed three percent of that total amount, to cover the comptroller's cost of administering the program.
(c)The comptroller may disburse each state fiscal year a total amount, not to exceed five percent of the amount of money appropriated for purposes of the program for that state fiscal year, to the certified educational assistance organizations for the cost of providing services under this subchapter.
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Legislative history
Added by Acts 2025, 89th Leg., R.S., Ch. 2 (S.B. 2), Sec. 2, eff. September 1, 2025.