reglab/housing_qa huggingface dataset:
TX Educ Code § 54.642 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle A - Higher Education in General|Chapter 54 - Tuition and Fees|Subchapter F. Prepaid Higher Education Tuition Program|Section 54.642. Reports

Sec. 54.642.  REPORTS.  (a)  Not later than December 1 of each year, the board shall submit to the governor, lieutenant governor, speaker of the house of representatives, Legislative Budget Board, Legislative Audit Committee, and Texas Higher Education Coordinating Board a report including:(1)  the board's fiscal transactions during the preceding fiscal year;(2)  the market and book value of the fund as of the end of the preceding fiscal year;(3)  the asset allocations of the fund expressed in percentages of stocks, fixed income, cash, or other financial investments;(4)  the rate of return on the investment of the fund's assets during the preceding fiscal year; and(5)  an actuarial valuation of the assets and liabilities of the program, including the extent to which the program's liabilities are unfunded.(b)  The board shall make the report described by Subsection (a) available to purchasers of prepaid tuition contracts.(c)  The board shall include in the report described by Subsection (a):(1)  complete prepaid tuition contract sales information, including projected enrollments of beneficiaries at institutions of higher education; and(2)  the information maintained by the board under Section 54.777.|Added by Acts 1995, 74th Leg., ch. 1032, Sec. 1, eff. Sept. 1, 1995.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 1312 (S.B. 59), Sec. 14, eff. September 1, 2013.|
TX Educ Code § 54.643 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle A - Higher Education in General|Chapter 54 - Tuition and Fees|Subchapter F. Prepaid Higher Education Tuition Program|Section 54.643. Confidentiality

Sec. 54.643.  CONFIDENTIALITY.  (a)  Records in the custody of the board relating to the participation of specific purchasers and beneficiaries in the program are confidential.(b)  Notwithstanding Subsection (a), the board may release information described by that subsection to an institution of higher education in which a beneficiary may enroll or is enrolled.  The institution of higher education shall keep the information confidential.(c)  Notwithstanding any other provision of this subchapter, the board may release information to the Internal Revenue Service and to any state tax agencies as required by applicable tax law.|Added by Acts 1995, 74th Leg., ch. 1032, Sec. 1, eff. Sept. 1, 1995.  Amended by Acts 1997, 75th Leg., ch. 522, Sec. 10, eff. Sept. 1, 1997.|
TX Educ Code § 54.644 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle A - Higher Education in General|Chapter 54 - Tuition and Fees|Subchapter F. Prepaid Higher Education Tuition Program|Section 54.644. Tax Exempt Status Requirements

Sec. 54.644.  TAX EXEMPT STATUS REQUIREMENTS.  (a)  The provisions of this section are intended to meet the requirements of Section 529 of the Internal Revenue Code of 1986.(b)  A payment of an amount due to the fund for a prepaid tuition contract must be made in cash.  A person may not make a payment to the fund in excess of the amounts required to be paid under a prepaid tuition contract.(c)  The board shall maintain a separate accounting for each beneficiary.(d)  The purchaser of a prepaid tuition contract and the beneficiary of the contract may not control or direct the investment of payments under the contract or any earnings of the fund.(e)  The purchaser of a prepaid tuition contract and the beneficiary of the contract may not use any interest in the contract as security for a loan or other obligation.(f)  The board shall make reports required by the secretary of the United States Treasury.|Added by Acts 1997, 75th Leg., ch. 522, Sec. 11, eff. Sept. 1, 1997.|
TX Educ Code § 54.701 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle A - Higher Education in General|Chapter 54 - Tuition and Fees|Subchapter G. Higher Education Savings Plan|Section 54.701. Definitions

Sec. 54.701.  DEFINITIONS.  In this subchapter:(1)  "Beneficiary" means an individual designated as the individual whose qualified higher education expenses are expected to be paid from the savings trust account.(2)  "Board" means the Prepaid Higher Education Tuition Board.(3)  "Eligible educational institution" has the meaning assigned by Section 529, Internal Revenue Code of 1986, as amended.(4)  "Financial institution" means a bank, trust company, savings and loan association, credit union, broker-dealer, mutual fund, insurance company, or other similar financial institution authorized to transact business in this state.(5)  "Nonqualified withdrawal" means a withdrawal from a savings trust account other than:(A)  a qualified withdrawal;(B)  a withdrawal made as the result of the death or disability of the beneficiary of the account;  or(C)  a withdrawal made due to a scholarship or to an allowance or payment described by Section 135(d)(1)(B) or (C), Internal Revenue Code of 1986, as amended, received by the beneficiary to the extent the amount of the withdrawal does not exceed the amount of the scholarship, allowance, or payment, in accordance with federal law.(6)  "Plan" means the higher education savings plan established under this subchapter.(7)  "Plan manager" means a financial institution under contract with the board to serve as plan administrator.(8)  "Qualified higher education expenses" has the meaning assigned by Section 529, Internal Revenue Code of 1986, as amended.(9)  "Qualified withdrawal" means a withdrawal from a savings trust account to pay the qualified higher education expenses of the beneficiary of the account.(10)  "Savings trust account" means an account established through the plan by an individual under this subchapter on behalf of a beneficiary in order to apply distributions from the account toward qualified higher education expenses at eligible educational institutions.(11)  "Savings trust agreement" means the agreement between an individual establishing a savings trust account and the board.|Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.Amended by: Acts 2019, 86th Leg., R.S., Ch. 903 (H.B. 3655), Sec. 4, eff. June 10, 2019.|
TX Educ Code § 54.702 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle A - Higher Education in General|Chapter 54 - Tuition and Fees|Subchapter G. Higher Education Savings Plan|Section 54.702. Powers and Duties of Board

Sec. 54.702.  POWERS AND DUTIES OF BOARD.  (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.(d)  A savings trust agreement must be developed and approved by the board.  The board shall review for compliance with applicable law and must approve in advance any informational materials that a plan manager provides to participants or potential participants in the plan.(e)  The board shall adopt a policy to prevent contributions to an account on behalf of a beneficiary in excess of those necessary to pay the qualified higher education expenses of the beneficiary.(f)  The board shall monitor contributions to and withdrawals from the plan and each plan account to ensure that any applicable limits on contributions or withdrawals are not exceeded.(g)  The board shall prepare and file statements and information returns relating to accounts to the extent required by federal or state tax law.|Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.Amended by: Acts 2019, 86th Leg., R.S., Ch. 903 (H.B. 3655), Sec. 5, eff. June 10, 2019.|
TX Educ Code § 54.703 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle A - Higher Education in General|Chapter 54 - Tuition and Fees|Subchapter G. Higher Education Savings Plan|Section 54.703. Operation of Plan; Accounts Held in Trust

Sec. 54.703.  OPERATION OF PLAN;  ACCOUNTS HELD IN TRUST.  (a)  The board shall administer a higher education savings plan to enable individuals to save money for the qualified higher education expenses of an individual by establishing a savings trust account in the plan.(b)  Money contributed to a savings trust account and earnings on the account are held in trust by the board for the sole benefit of the account owner and beneficiary.|Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.|
TX Educ Code § 54.704 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle A - Higher Education in General|Chapter 54 - Tuition and Fees|Subchapter G. Higher Education Savings Plan|Section 54.704. Selection of Financial Institution as Plan Manager

Sec. 54.704.  SELECTION OF FINANCIAL INSTITUTION AS PLAN MANAGER.  (a)  The board shall contract with one or more financial institutions to serve as plan manager and to invest the money in savings trust accounts.  The board shall ensure that investments by a plan manager are made with the judgment and care that persons of prudence, discretion, and intelligence exercise in the management of the property of another, not in regard to speculation but in regard to the permanent disposition of funds, considering the probable income as well as the probable safety of capital.(b)  The board shall solicit proposals from financial institutions to serve as plan managers.(c)  The board shall select a plan manager or managers from among bidding financial institutions that demonstrate the most advantageous combination to account owners and beneficiaries, based on the following factors:(1)  financial stability and integrity;(2)  the ability of the financial institution, directly or through a subcontract, to satisfy recordkeeping and reporting requirements;(3)  the financial institution's strategy for promoting the plan and the investment that the financial institution is willing to make to promote the plan;(4)  the historic ability of the portfolios or investment strategies to be used by the financial institution to track the estimated costs of higher education as calculated by the United States Department of Education;(5)  the fees, if any, proposed to be charged to account owners for maintaining accounts;(6)  the minimum contributions that the financial institution will require and the willingness of the financial institution to accept contributions through payroll deduction plans or systematic deposit plans;  and(7)  any other proposed benefits to this state or to its residents.(d)  The board may require that any financial institution selected provide several investment options to account owners, taking into consideration the age of the beneficiary and the number of years remaining until likely enrollment at an eligible educational institution.  To the extent permitted by federal law, the investment options may include mutual funds, fixed annuities, variable annuities, and variable life insurance policies.|Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.|
TX Educ Code § 54.705 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle A - Higher Education in General|Chapter 54 - Tuition and Fees|Subchapter G. Higher Education Savings Plan|Section 54.705. Duties of Plan Manager

Sec. 54.705.  DUTIES OF PLAN MANAGER.  (a)  A plan manager shall:(1)  take all actions required to keep the plan in compliance with this subchapter, to ensure that the plan qualifies as a qualified state tuition program under Section 529, Internal Revenue Code of 1986, as amended, and to ensure that the plan is exempt from registration under federal securities law;(2)  keep adequate and separate records of each savings trust account and provide the board with the information necessary to prepare the reports required by Section 529, Internal Revenue Code of 1986, as amended, or to file those reports on behalf of the board;(3)  compile necessary information for statements to account owners and statements required by federal or state tax law and provide those compilations to the board;  and(4)  provide representatives of the board with access to the books and records of the manager as necessary to determine compliance with the plan manager contract.(b)  A plan manager shall hold all savings trust accounts in trust as authorized by the board in the plan manager contract.  A plan manager shall make investments according to the standard provided by Section 54.704(a).(c)  A plan manager shall develop a strategy to promote the plan and, on approval by the board, promote the plan according to that strategy.(d)  A plan manager may provide for any financial institution to market the plan on its behalf and to provide account services to an individual who opens or owns a savings trust account administered by the plan manager.  A financial institution that markets the plan or provides account services under this subsection may charge a fee or commission for those services.|Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.|
TX Educ Code § 54.706 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle A - Higher Education in General|Chapter 54 - Tuition and Fees|Subchapter G. Higher Education Savings Plan|Section 54.706. Contract Between Board and Plan Manager

Sec. 54.706.  CONTRACT BETWEEN BOARD AND PLAN MANAGER.  (a)  A contract between the board and a financial institution to act as a plan manager under this subchapter must be for a term of at least five years and may be renewable.(b)  If the contract is not renewed, the following conditions apply at the end of the term of the contract, so long as applying the conditions does not disqualify the plan as a qualified state tuition program under Section 529, Internal Revenue Code of 1986, as amended:(1)  the board shall continue to maintain the plan at the financial institution;(2)  accounts previously established at the financial institution may not be terminated, except as provided by Subdivision (5) or Subsection (c);(3)  additional contributions may be made to the accounts;(4)  new accounts may not be opened with that financial institution;  and(5)  if the board determines that continuing the accounts at that financial institution is not in the best interest of the account owners, the accounts may be transferred to another financial institution acting as a plan manager.(c)  The board may cancel a plan manager contract with a financial institution for a violation of the contract or a provision of this subchapter by the financial institution at any time.  If a contract is terminated under this subsection, the board shall take custody of accounts held at that financial institution and shall promptly seek to transfer the accounts to another financial institution acting as a plan manager and into investment instruments as similar to the original investment instruments as possible.|Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.|
TX Educ Code § 54.707 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle A - Higher Education in General|Chapter 54 - Tuition and Fees|Subchapter G. Higher Education Savings Plan|Section 54.707. Savings Trust Accounts

Sec. 54.707.  SAVINGS TRUST ACCOUNTS.  (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;(4)  provisions for withdrawals, refunds, transfers, and any penalties;(5)  terms and conditions for a substitution of the beneficiary originally named;(6)  terms and conditions for termination of the account, including any refunds, withdrawals, or transfers, and applicable penalties, and the name of the person or persons entitled to terminate the account;(7)  all other rights and obligations of the account owner, the plan manager, and the board;  and(8)  any other terms and conditions the board considers necessary or appropriate, including those necessary to conform the savings trust account to the requirements of Section 529, Internal Revenue Code of 1986, as amended, or other applicable federal law.(d)  An account owner may change the designated beneficiary of an account as provided by Section 529, Internal Revenue Code of 1986, as amended, in accordance with procedures established by the board.|Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.|
TX Educ Code § 54.708 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle A - Higher Education in General|Chapter 54 - Tuition and Fees|Subchapter G. Higher Education Savings Plan|Section 54.708. Contributions and Withdrawals

Sec. 54.708.  CONTRIBUTIONS AND WITHDRAWALS.  (a)  Contributions to a savings trust account may be made only in cash or by electronic funds transfer.  An employee of the state or a political subdivision of the state may make contributions to a savings trust account by payroll deductions made by the appropriate officer of the state or political subdivision.(b)  An account owner may withdraw all or part of the balance of an account on prior notice as authorized by board rules. (c)  Repealed by Acts 2019, 86th Leg., R.S., Ch. 903 (H.B. 3655), Sec. 17, eff. June 10, 2019.(d)  Repealed by Acts 2019, 86th Leg., R.S., Ch. 903 (H.B. 3655), Sec. 17, eff. June 10, 2019.(e)  Repealed by Acts 2019, 86th Leg., R.S., Ch. 903 (H.B. 3655), Sec. 17, eff. June 10, 2019.(f)  Repealed by Acts 2019, 86th Leg., R.S., Ch. 903 (H.B. 3655), Sec. 17, eff. June 10, 2019.|Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.Amended by: Acts 2019, 86th Leg., R.S., Ch. 903 (H.B. 3655), Sec. 6, eff. June 10, 2019.Acts 2019, 86th Leg., R.S., Ch. 903 (H.B. 3655), Sec. 7, eff. June 10, 2019.Acts 2019, 86th Leg., R.S., Ch. 903 (H.B. 3655), Sec. 17, eff. June 10, 2019.|
TX Educ Code § 54.709 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle A - Higher Education in General|Chapter 54 - Tuition and Fees|Subchapter G. Higher Education Savings Plan|Section 54.709. Administration of Accounts

Sec. 54.709.  ADMINISTRATION OF ACCOUNTS.  (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.(g)  A distribution from an account to any individual or for the benefit of any individual during a calendar year shall be reported to the Internal Revenue Service and to the account owner or the beneficiary to the extent required by federal law.(h)  A plan manager shall provide an annual statement to each account owner not later than the January 31 after the end of each calendar year and may provide statements more frequently than annually.  A statement must identify the contributions made during the reporting period, the total contributions made through the end of the reporting period, the value of the account at the end of the reporting period, withdrawals made during the reporting period, and any other information the board requires.(i)  Notwithstanding Subsection (b), if Section 529, Internal Revenue Code of 1986, as amended, is amended to permit an account owner to direct the investment of a contribution to or an account balance in a qualified state tuition program, the board in each subsequent plan manager contract shall provide that each plan manager must provide a savings trust account owner with the ability to direct the investment of a contribution to the account or the balance in the account among a wide variety of investment options.|Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.|
TX Educ Code § 54.710 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle A - Higher Education in General|Chapter 54 - Tuition and Fees|Subchapter G. Higher Education Savings Plan|Section 54.710. Plan Limitations

Sec. 54.710.  PLAN LIMITATIONS.  (a)  Nothing in this subchapter or in any savings trust agreement entered into under this subchapter may be construed to:(1)  give a beneficiary any rights or legal interest with respect to a savings trust account unless the beneficiary is the account owner;(2)  guarantee that amounts saved under the plan will be sufficient to cover the qualified higher education expenses of a beneficiary;  or(3)  establish state residency for tuition or other purposes for a beneficiary because of the designation as a beneficiary.(b)  Nothing in this subchapter or in any savings trust agreement entered into under this subchapter may be construed to create any obligation of the state, any agency or instrumentality of the state, or a plan manager to guarantee for the benefit of an account owner or beneficiary:(1)  the return of any amount contributed to an account;(2)  the rate of interest or other return on an account;(3)  the payment of interest or other return on an account;  or(4)  tuition rates or the cost of related education expenditures.(c)  The board by rule shall require that every savings trust agreement, deposit slip, and other similar document used in connection with a contribution to an account clearly indicate that the account is not insured by this state and that neither the principal deposited nor the investment return is guaranteed by this state.|Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.|