Texas Education Code
§ 54.702 — POWERS AND DUTIES OF BOARD
ED § 54.702Title 3. HIGHER EDUCATION · Part A. HIGHER EDUCATION IN GENERAL · Ch. 54. TUITION AND FEES · Art. G. HIGHER EDUCATION SAVINGS PLAN
Statute text
View on source(a)The board shall:
(1)develop and implement the plan in a manner consistent with this subchapter;
(2)select the financial institution or institutions to serve as plan manager; and
(3)adopt rules to implement this subchapter.
(b)The board may seek rulings and other guidance from the United States Department of the Treasury, the Internal Revenue Service, and the Securities and Exchange Commission relating to the plan as necessary for proper implementation and development of the plan. The board shall make changes to the plan as necessary for savings trust account owners and beneficiaries of the plan to obtain or maintain federal income tax benefits or treatment provided by Section 529, Internal Revenue Code of 1986, as amended, and exemptions under federal securities laws.
(c)The board shall collect administrative fees and service charges in connection with any agreement, contract, or transaction relating to the plan in amounts not exceeding the cost of establishing and maintaining the plan.
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Legislative history
Acts 2019, 86th Leg., R.S., Ch. 903 (H.B. 3655), Sec. 5, eff. June 10, 2019.