Texas Education Code
§ 54.709 — ADMINISTRATION OF ACCOUNTS
ED § 54.709Title 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)A plan manager shall provide separate accounting for each savings trust account.
(b)An account owner or beneficiary may not direct the investment of any contributions to or earnings on an account.
(c)If the board terminates the contract of a financial institution to act as a plan manager and accounts must be transferred from that financial institution to another financial institution, the board shall select the financial institution to which the balances of the accounts are transferred.
(d)A savings trust agreement must provide that, if after a specified period the savings trust agreement has not been terminated and the beneficiary's rights in the account have not been exercised, the board, after making reasonable efforts to contact the owner and beneficiary of the account or their agents, shall report the unclaimed money in the account to the comptroller.
(e)Money in a savings trust account is exempt from attachment, execution, and seizure for the satisfaction of debt or liability of an account owner or beneficiary.
(f)A savings trust account may not be assigned for the benefit of creditors, used as security or collateral for any loan, or otherwise subject to alienation, sale, transfer, assignment, pledge, encumbrance, or charge.
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Legislative history
Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.