Texas Education Code
§ 54.756 — PURCHASER; BENEFICIARY
ED § 54.756Title 3. HIGHER EDUCATION · Part A. HIGHER EDUCATION IN GENERAL · Ch. 54. TUITION AND FEES · Art. H. PREPAID TUITION UNIT UNDERGRADUATE EDUCATION PROGRAM: TEXAS TOMORROW FUND II
Statute text
View on source(a)A purchaser may be any person who is permitted to be a purchaser under Section 529, Internal Revenue Code of 1986. The purchaser is not required to be a resident of this state, except as provided by Subsection (c)(2).
(b)In accordance with applicable provisions of Section 529, Internal Revenue Code of 1986, a purchaser is the owner of the account to which the purchaser's prepaid tuition contract money is assigned.
(c)At the time the purchaser enters into a prepaid tuition contract, the beneficiary of the contract must be:
(1)a resident of this state at the time the purchaser enters into the contract; or
(2)a nonresident who is the child of a parent who is a resident of this state at the time that parent enters into the contract.
(d)For purposes of Subsection (c), the board may require a reasonable period of residence in this state for a beneficiary or the parent of a beneficiary.
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Legislative history
Added by Acts 2007, 80th Leg., R.S., Ch. 1281 (H.B. 3900), Sec. 1, eff. June 15, 2007.