Texas Education Code
§ 54.765 — COMPTROLLER'S DUTIES; TRANSFERS TO INSTITUTIONS ON REDEMPTION OF TUITION UNITS
ED § 54.765Title 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)Except as provided by Subsection (h), the comptroller is the custodian of the assets of the fund.
(b)The comptroller shall pay money from the fund supported only by a voucher signed by the comptroller or the comptroller's authorized representative. The comptroller may designate the plan manager as the comptroller's authorized representative to pay expenditures or transfer funds under this section and Sections 54.766 and 54.767.
(c)When a beneficiary enrolls at a general academic teaching institution or two-year institution of higher education, on written authorization from the purchaser of the tuition unit or units for that beneficiary, the comptroller or the comptroller's authorized representative shall transfer to the institution an amount equal to the lesser of:
(1)the sum of:
(A)the total purchase price of the tuition unit or units the beneficiary redeems for the semester or other academic term; and
(B)the amount determined under Subsection (d); or
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Legislative history
Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 7.010, eff. September 1, 2009. Acts 2009, 81st Leg., R.S., Ch. 560 (S.B. 1941), Sec. 6, eff. June 19, 2009. Acts 2019, 86th Leg., R.S., Ch. 903 (H.B. 3655), Sec. 11, eff. June 10, 2019. Acts 2021, 87th Leg., R.S., Ch. 599 (S.B. 1094), Sec. 6, eff. September 1, 2021.