Texas Education Code

§ 54.707 — SAVINGS TRUST ACCOUNTS

ED § 54.707Title 3. HIGHER EDUCATION · Part A. HIGHER EDUCATION IN GENERAL · Ch. 54. TUITION AND FEES · Art. G. HIGHER EDUCATION SAVINGS PLAN

Statute text

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(a)An individual may open a savings trust account to save money for the payment of the qualified higher education expenses of a beneficiary. The individual who opens the account is the owner of the account. The owner of the account may also be the beneficiary.

(b)An individual may open an account by entering into a savings trust agreement with the board as prescribed and approved by the board and making the minimum contribution required by the plan manager selected by the individual to open an account.

(c)A savings trust agreement must include the following terms:

(1)the name and address of the savings trust account owner;

(2)the name, address, and date of birth of the beneficiary on whose behalf the account is opened;

(3)the maximum and minimum contributions allowed to the account;

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Legislative history

Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.