reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 3 - ARRANGEMENTS FOR STUDENTS STUDYING OUTSIDE STATE (§§ 49-7-301 — 49-7-303) › Section 49-7-301 - Academic Common Market

(a)
(1)
The commission, acting through its duly appointed representative, is authorized to enter into an agreement on behalf of the state and the public higher education institutions of the state with representatives of other member states of the southern regional education board for participation in the Academic Common Market.
(2)
The instrument of agreement shall become effective upon execution by the representatives of five (5) member states of the southern regional education board.
(3)
The instrument of agreement shall be effective for an initial period of three (3) years and may be subject to renewal. The commission may rescind the agreement of participation by the state at any time in accordance with the instrument of agreement.
(b)
Nonresident fees shall not be charged to residents of other states who are admitted under the terms of the instrument of agreement to programs offered by higher education institutions of the state through the Academic Common Market.
(c)
(1)
The commission is designated the administrative agency for the state for the Academic Common Market.
(2)
For the purpose of administration, the duties of the commission are to:
(A)
Submit annually to the southern regional education board a list of programs offered by public higher education institutions of this state that the state is prepared to have included in the Academic Common Market;
(B)
Maintain and disseminate a list of programs offered through the Academic Common Market by institutions in other states and available to Tennessee residents;
(C)
Certify Tennessee residents for participation in the programs of the Academic Common Market in other states; and
(D)
Perform other duties that may be necessary to comply with the instrument of agreement or that are otherwise necessary for administration.
Acts 1974, ch. 434, §§ 1-3; T.C.A., § 49-3607.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 3 - ARRANGEMENTS FOR STUDENTS STUDYING OUTSIDE STATE (§§ 49-7-301 — 49-7-303) › Section 49-7-302 - Optometry students

(a)
As used in this section, unless the context otherwise requires:
(1)
"School or college of optometry" means an accredited institution offering courses leading to the degree of doctor of optometry, acting through its governing body; and
(2)
"Tennessee student" means any student who qualifies as a resident of the state for purposes of tuition according to rules and regulations of the board of trustees of the University of Tennessee or the board of regents of the state university and community college system.
(b)
The Tennessee state contract administrator for the southern regional education board is authorized to contract with state or privately owned or endowed optometry schools or colleges within the southern regional education board region for the purpose of providing financial payments to the colleges in exchange for the colleges reserving places for Tennessee students at the rate per student approved by the southern regional education board.
(c)
Any financial payment authorized under this section shall be made in accordance with the following provisions and limitations:
(1)
Optometry colleges that annually enroll Tennessee students under the southern regional education board contract program may receive financial payments up to the total number specified in the contract, at the rate per student approved by the southern regional education board during any fiscal year; and
(2)
The financial assistance shall be continued from year to year until the entering Tennessee student has been granted a degree in optometry, but not for more than four (4) years, and contracts provided for in this section may set forth the terms and provisions for continuation of the payments as provided by the southern regional education board.
Acts 1973, ch. 394, §§ 1, 2; 1974, ch. 524, § 1; T.C.A., §§ 49-3605, 49-3606.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 3 - ARRANGEMENTS FOR STUDENTS STUDYING OUTSIDE STATE (§§ 49-7-301 — 49-7-303) › Section 49-7-303 - Medical students

(a)
As used in this section, unless the context otherwise requires:
(1)
"Additional Tennessee students" means an annual increase in the number of entering Tennessee students over the average number of entering Tennessee students for the immediate past ten (10) years;
(2)
"Medical college" means an accredited institution offering courses leading to the degree of doctor of medicine acting through its governing body; and
(3)
"Tennessee student" means any student who qualifies as a resident for purposes of tuition according to rules and regulations of the University of Tennessee.
(b)
The commission is authorized to contract with privately owned or endowed medical colleges in this state for the purpose of providing financial payments to the colleges in exchange for the colleges' accepting additional Tennessee students.
(c)
Any financial payment authorized under this section shall be made in accordance with the following provisions and limitations:
(1)
Each medical college that annually enrolls additional Tennessee students may receive annual financial payments for each of the maximum of ten (10) entering Tennessee students;
(2)
Financial payments may be made for each additional Tennessee student in an amount not to exceed the per student appropriation to the University of Tennessee College of Medicine for the fiscal year ending prior to the academic year in which the additional Tennessee student or students are enrolled in the medical school;
(3)
The financial assistance may be continued from year to year until the entering Tennessee student has been granted a degree in medicine, and contracts provided for in this section may set forth the terms and provisions for continuation of the payments; and
(4)
The total financial payments to each medical college shall not exceed payments for more than forty (40) Tennessee students at each medical college during any fiscal year.
Acts 1972, ch. 764, §§ 1, 2; T.C.A., §§ 49-4211, 49-4212.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 4 - STATE ASSISTANCE TO PRIVATE COLLEGES (§§ 49-7-401 — 49-7-404) › Section 49-7-401 - Family practice training programs

(a)
It is the intent and purpose of this section to promote the preparation, education and training of physicians for family practice in this state by encouraging Meharry Medical College to continue its efforts for the development of an expanded family practice residency that includes training in medically underserved middle Tennessee communities.
(b)
(1)
In addition to the medical programs already provided for and funded by the state, financial support shall also be provided for the development, enlargement and continuation of Meharry Medical College's graduate training program in family practice for physicians, which shall prepare them for the specialty of family practice.
(2)
Funding for the Meharry family practice residency program shall not exceed fifty thousand dollars ($50,000) per year per resident in training.
(c)
(1)
Funding for the 1978-1979 academic school year shall be projected as not exceeding five hundred forty thousand dollars ($540,000) for the training of thirty-six (36) residents.
(2)
Funding for succeeding years will provide for continuance at this same level, unless increased or decreased by specific legislation.
(d)
Development and expansion of family practice resident training in various locations of middle Tennessee shall be the responsibility of Meharry Medical College.
(e)
(1)
This section does not constitute an appropriation of funds.
(2)
No funds shall be expended under this section unless the funds are specifically appropriated in the general appropriations act pursuant to §§
9-4-5101
- 9-4-5105, 9-4-5108 - 9-4-5114 or a specific amendment or supplement to the general appropriations act.
Acts 1977, ch. 375, §§ 1-4; T.C.A., § 49-4213; Acts 1982, ch. 892, § 1; T.C.A., § 49-4251; Acts 2001, ch. 433, § 5.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 4 - STATE ASSISTANCE TO PRIVATE COLLEGES (§§ 49-7-401 — 49-7-404) › Section 49-7-402 - Preventive medicine training programs

(a)
It is the intent and purpose of this section to promote the preparation, education and training of physicians for preventive medicine in this state by encouraging Meharry Medical College to continue its efforts for the development of an expanded preventive medicine residency that includes training in medically underserved middle Tennessee communities.
(b)
(1)
In addition to the medical programs already provided for and funded by the state, financial support shall also be provided for the development, enlargement and continuation of Meharry Medical College's graduate training program in preventive medicine for physicians, which shall prepare them for the specialty of preventive medicine.
(2)
Funding for the Meharry preventive medicine residency program shall not exceed fifty thousand dollars ($50,000) per year per resident in training.
(c)
(1)
For the 1981-1982 academic school year, one hundred thousand dollars ($100,000) shall be earmarked and shall not exceed that amount for the funding of the preventive medicine residency program at Meharry Medical College to enable the training of five (5) residents; funding for 1982-1983 shall be projected as not exceeding one hundred eighty thousand dollars ($180,000) for the training of nine (9) residents.
(2)
Funding for succeeding years will provide for continuance at this same level unless increased or decreased by specific legislation.
(d)
Development and expansion of preventive medicine resident training in various locations of middle Tennessee shall be the responsibility of Meharry Medical College.
(e)
(1)
This section does not constitute an appropriation of funds.
(2)
No funds shall be expended under this section unless the funds are specifically appropriated in the general appropriations act pursuant to title 9, chapter 4, part 51, or a specific amendment or supplement to the general appropriations act.
Acts 1981, ch. 408, § 1; T.C.A., § 49-4252; Acts 2001, ch. 433, § 6.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 4 - STATE ASSISTANCE TO PRIVATE COLLEGES (§§ 49-7-401 — 49-7-404) › Section 49-7-403 - Sickle cell anemia research

The department of health shall negotiate a contract with Meharry Medical College for study, research and treatment of drepanocytemia, sickle cell anemia, on such terms and conditions as may be mutually agreeable; provided, that this section shall not take effect unless funds are appropriated in the general appropriations act to effectuate the purposes of this section.
Acts 1981, ch. 438, § 1; T.C.A., § 49-4253.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 4 - STATE ASSISTANCE TO PRIVATE COLLEGES (§§ 49-7-401 — 49-7-404) › Section 49-7-404 - General dentistry training programs

(a)
It is the intent and purpose of this section to promote the preparation, education and training of doctors for general dentistry in this state by encouraging Meharry Medical College to continue its efforts for the continuation of an expanded general dentist practice residency that includes training in medically underserved middle Tennessee communities.
(b)
(1)
In addition to the dental programs already provided for and funded by the state, financial support shall also be provided for the development, enlargement and continuation of Meharry Medical College's graduate training program in general practice for dentists, which shall prepare them for the general dentistry practice.
(2)
Funding for the Meharry general dentistry residency program shall not exceed forty thousand dollars ($40,000) per year per resident in training.
(c)
(1)
For the 1981-1982 academic school year, funding shall not exceed ninety-two thousand dollars ($92,000), enabling six (6) residents to be trained; funding for 1982-1983 shall be projected as not exceeding one hundred thousand dollars ($100,000) for the training of six (6) residents.
(2)
Funding for succeeding years will provide for continuance at this same level unless increased or decreased by specific legislation.
(d)
This legislation will provide for Meharry Medical College to continue further development of general dentistry residency training in various locations of middle Tennessee.
(e)
(1)
This section does not constitute an appropriation of funds.
(2)
No funds shall be expended under this section unless such funds are specifically appropriated in the general appropriations act pursuant to title 9, chapter 4, part 51, or a specific amendment or supplement to the general appropriations act.
Acts 1981, ch. 498, § 1; T.C.A., 49-4254; Acts 2001, ch. 433, § 7.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 6 - VOLUNTEER TRUST FUND ACT (§§ 49-7-601 — 49-7-606) › Section 49-7-601 - Short title

This part shall be known and may be cited as the "Volunteer Trust Fund Act."
Acts 1987, ch. 129, § 1.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 6 - VOLUNTEER TRUST FUND ACT (§§ 49-7-601 — 49-7-606) › Section 49-7-602 - Legislative declaration

The general assembly recognizes the importance of creating a legal mechanism to safeguard and protect valuable rights and privileges sought to be created and protected by the framers of our constitution. Through this part, the general assembly recognizes, as did our forefathers, that knowledge, learning and virtue are essential to the preservation of our institutions of government and the diffusion of the opportunities and advantages of education should be paramount in our concerns. To that end, the general assembly declares its support for the establishment and formation of a trust corporation to act as trustee of a charitable trust for higher education and for the encouragement and acceptance of voluntary contributions for the benefit of the state and its citizens. Through the mechanism established by this part, the inherent values so essential for the general welfare of our state will be preserved for future generations.
Acts 1987, ch. 129, § 2.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 6 - VOLUNTEER TRUST FUND ACT (§§ 49-7-601 — 49-7-606) › Section 49-7-604 - Trust corporation - Board of directors

(a)
The trust corporation shall have a board of directors as provided in the document that creates the trust to be administered by the corporation. The board shall also serve as trustees of the trust. The board of directors and their successors shall be appointed in the manner provided in the document.
(b)
The trust document shall also provide for the administration and maintenance of the trust funds and the manner in which funds shall be received and invested by the board acting as trustees for the trust, as well as the manner in which donations of real property may be made to the trust.
(c)
Unless the trust document otherwise provides, investments of the trust funds shall be essentially the same as those authorized for the investment of trust funds in accordance with title 35, chapter 3.
Acts 1987, ch. 129, § 4.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 6 - VOLUNTEER TRUST FUND ACT (§§ 49-7-601 — 49-7-606) › Section 49-7-605 - Charitable trust - Disposition of funds

(a)
Any trust for higher education created to be administered by a trust corporation formed under this part shall be a charitable trust for the general welfare of the citizens of this state. No funds shall be available for distribution from the trust until two hundred (200) years from the date the trust is created. All contributions to the trust shall be considered as principal and until the two hundredth year from the formation of the trust, all interest accruing on the principal amount shall be added to the trust funds and be considered as principal. After the two hundredth year from the formation of the trust, interest income from the trust fund will be available for disbursement for higher education pursuant to the plan required by the trust document creating the trust. The board of directors of the trust corporation shall establish guidelines for disbursement that are not inconsistent with this part or the trust document under which it operates as trustee for the trust.
(b)
Income from the investment of the trust for higher education shall be expended solely in accordance with this part and the respective trust agreement, except that reasonable expenses for administration of the trust may be deducted from the income.
Acts 1987, ch. 129, § 5.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 6 - VOLUNTEER TRUST FUND ACT (§§ 49-7-601 — 49-7-606) › Section 49-7-606 - Contributions and gifts to fund

(a)
Any person, association or corporation may make contributions to the trust corporation for the benefit of the trust pursuant to this part, and the trust corporation is authorized to accept funds and deposit the funds in the trust for higher education.
(b)
In addition, the trust corporation is authorized to accept gifts of land for the benefit of the trust. Gifts of land shall be made in the name of the trust corporation with appropriate language of limitation.
Acts 1987, ch. 129, § 6.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 7 - PROMOTION OF LEADERSHIP IN AGRICULTURAL AND HOME ECONOMIC PROGRAMS (§ 49-7-701) › Section 49-7-701 - Special endowment trust fund - Contributions - Interest - Disposition of funds

(a)
There is created within the general fund a special endowment trust fund earmarked for the sole purpose of generating revenue to provide funds to promote leadership in agricultural and home economic programs in institutions of higher education.
(b)
Any person, association, corporation or governmental entity may make contributions to the special endowment trust fund, and the treasurer is authorized to accept all gifts, grants or funds specifically appropriated for that purpose, and shall deposit such amounts in the special endowment trust fund. Funds in the special fund shall be consolidated with state funds under the control of the treasurer in the same manner and as provided in §
9-4-704
.
(c)
Except as provided in subsection (b), for administrative expenses, interest earned from funds deposited in the special fund shall be used for the purposes provided in subsection (a).
(d)
The state treasurer has the authority to promulgate necessary and appropriate rules and regulations in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, to include, but not be limited to, guidelines relative to the manner in which deposits shall be accepted for and made to the special fund, and the manner in which applicable amounts will be distributed according to appropriate regulations promulgated pursuant to [former] §
49-7-702
.
Acts 1987, ch. 184, § 1.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-801 - Short title

This part shall be known and may be cited as the "Tennessee College Savings Trust Act."
Amended by 2017 Tenn. Acts, ch. 400,s 5, eff. 7/1/2017.
Acts 1995, ch. 388, § 1; 1996, ch. 991, § 1.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-803 - Purpose

The Constitution of Tennessee, Article XI, § 12 manifests the intention of the citizens of this state that the advancement and improvement of higher education in this state is an essential governmental function and purpose of this state. Therefore, the general assembly finds that the creation of a trust program, as an agency and instrumentality of the state, to assist students or their families in financing a portion of the costs of attending colleges and universities will increase the number of students who will seek to attend a college or university, and will, therefore, advance and improve higher education in this state. It is, therefore, the legislative intent of this part to establish an educational trust program as an agency and instrumentality of the state to assist families in saving and investing for the qualified higher education expenses of attending an eligible educational institution, and thereby to encourage such students to attend such institutions. In establishing the program, it is further the intent of the general assembly to encourage timely financial planning for higher education by the creation of tuition contracts and the creation of educational investment plan accounts, and to provide assistance and incentives for college savings for the benefit of the children of the people of the state. It is the legislative intent that the program be funded from fees assessed in accordance with §
49-7-805(10)
.
Amended by 2014 Tenn. Acts, ch. 910, s 7, eff. 5/13/2014.
Acts 1995, ch. 388, § 1; 1996, ch. 991, § 1; 1999, ch. 233, § 7.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-806 - Tuition contracts

The board may enter into a tuition contract with a purchaser for the purchase of tuition units on behalf of a beneficiary through the educational services plan or for the creation and deposit of contributions to a savings account through the educational savings plan, or both; provided, that the total amount of contributions made to both plans on behalf of a single designated beneficiary does not exceed any limits imposed by the board pursuant to §
49-7-805
.
Acts 1996, ch. 991, § 1; 1999, ch. 233, § 14.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-807 - Educational services plan tuition contract

(a)
An educational services plan tuition contract entered into between the board and a purchaser shall allow the purchaser to purchase tuition units on behalf of a beneficiary at the price determined by the board pursuant to subsection (c) for the year in which the tuition unit is purchased. Each tuition unit purchased on behalf of a beneficiary shall entitle the beneficiary to an amount equal to one percent (1%) of the weighted average tuition during the academic term in which it is used. Each tuition unit shall cover the cost of the beneficiary's tuition in an amount no greater than one percent (1%) of the weighted average tuition in effect at Tennessee's four-year public universities at the time of use.
(b)
"Weighted average tuition" means the tuition cost resulting from the following calculation:
(1)
Add the products of the annual undergraduate tuition at each Tennessee four-year public university multiplied by that institution's total number of undergraduate full-time equivalent students; and
(2)
Divide the gross total of the products from subdivision (b)(1) by the total number of undergraduate full-time equivalent students attending Tennessee's four-year public universities.
(c)
The board shall develop a plan for the sale of tuition units. The board shall determine annually the weighted average tuition of Tennessee's four-year public universities in the academic year that begins on or after August 1 of the then current calendar year, and shall establish the price of a tuition unit in the ensuing sales period. The price shall be based on sound actuarial principles, and shall, to the extent actuarially possible, reasonably approximate one percent (1%) of the weighted average tuition for the academic year, plus the costs of administering the educational services plan and any amount necessary to ensure the plan remains actuarially sound. The sales period to which the price applies shall consist of twelve (12) months, and the board shall establish the date on which the sales period begins. The board may impose and collect additional administrative fees and charges in connection with the sale of tuition units. To promote the purchase of tuition units and in accordance with actuarially sound principles, the board may adjust the sales price as part of incentive programs.
Acts 1996, ch. 991, § 1; 1998, ch. 644, §§ 5, 6; 1999, ch. 233, § 15.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-808 - Educational investment plan

(a)
An educational investment plan is established whereby an account owner may participate to create an account in such plan and shall allow any contributor to make contributions to such an account intending for such contributions and any earnings thereon to be applied toward the qualified higher education expenses of a beneficiary.
(b)
The account owner retains ownership of all amounts on deposit in such account unless otherwise provided herein. Earnings accrued to the account shall be considered to be held in trust in the same manner as contributions. Amounts on deposit therein shall be available for expenses and penalties imposed by the plan. An educational investment trust account created on behalf of a beneficiary under this part shall entitle the beneficiary to an amount equal to the funds on deposit in the account during the academic term in which the funds are needed to cover the beneficiary's tuition and other qualified higher education expenses at the eligible educational institution at which the beneficiary is enrolled, not to exceed the redemption value of the account.
(c)
The board may develop one (1) or more plans for offering educational investment trust accounts. The plans shall include, but shall not be limited to, the investment vehicles for investing the contributions made to such accounts. The board may cause the imposition and collection of reasonable administrative fees and charges in connection with the creation and maintenance of such educational investment trust accounts.
(d)
The funds from the small and minority-owned business assistance program that are transferred to the board pursuant to §
65-5-113(c)
shall be used for the administration and marketing of the program, including, but not limited to, the establishment, marketing, and administration of an incentive plan or plans for the benefit of low-income individuals as authorized in §
49-7-805(4)
. The board shall have the authority to promulgate rules relative to the implementation and administration of the incentive plan or plans. The state treasurer shall be responsible for the day-to-day administration of such incentive plan or plans as established by the board.
Amended by 2018 Tenn. Acts, ch. 780, s 1, eff. 4/19/2018.
Amended by 2014 Tenn. Acts, ch. 910, s 16, eff. 5/13/2014.
Amended by 2013 Tenn. Acts, ch. 359, s 2, eff. 7/1/2013.
Acts 1999, ch. 233, § 37.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-809 - Tuition contract terms, limitations and disclosures

(a)
The following information shall be disclosed in writing to each purchaser of a tuition contract:
(1)
The terms and conditions for purchasing tuition units if the contract involves the educational services plan, or the terms and conditions for the making of contributions if the contract involves the educational savings plan;
(2)
The name and date of birth of the beneficiary of the contract, and the terms and conditions under which another person may be substituted as the beneficiary;
(3)
The name of the refund recipient;
(4)
The terms and conditions under which the contract may be terminated by the refund recipient and the amount of the refund, if any, to which the refund recipient is entitled upon termination;
(5)
The method by which tuition benefits under the program shall be applied toward payment of tuition and other educational costs;
(6)
The period of time during which the beneficiary must claim benefits through the program;
(7)
If the contract involves the educational services plan, the obligation of the board to make payments on behalf of a beneficiary under §
49-7-807(a)
based upon the number of tuition units purchased on behalf of the beneficiary, or if the contract involves the educational savings plan, the obligation of the board to make payments on behalf of a beneficiary under §
49-7-808(a)
based upon the redemption value accrued on behalf of the beneficiary;
(8)
The terms and conditions under which money may be wholly or partially withdrawn from the program, including, but not limited to, any reasonable charges and fees that may be imposed for withdrawal;
(9)
The obligation of the board to pay directly to the institution of higher education in which the beneficiary is enrolled the tuition benefits being used that term for tuition and other educational costs; and
(10)
Other terms, conditions and provisions the board considers, in its sole discretion, to be necessary or appropriate.
(b)
Notwithstanding any other law to the contrary, the board may provide in a tuition contract that the tuition benefits being used for the payment of tuition and other educational costs be paid directly to the beneficiary or to the entity to whom the charges are owed; provided, that the direct payments are authorized under the sections of the Internal Revenue Code that are applicable to the program.
Acts 1999, ch. 233, § 37; 2001, ch. 203, § 6; 2002, ch. 547, § 1.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-810 - No promise or guarantee of admission, attendance or graduation - Costs covered

(a)
Nothing in this part nor in a tuition contract entered into pursuant to this part shall be construed as a promise or guarantee by the state, the board or any institution of higher education that a beneficiary will:
(1)
Be admitted to an institution of higher education or to a particular institution of higher education;
(2)
Be allowed to continue to attend an institution of higher education after having been admitted; or
(3)
Graduate from an institution of higher education.
(b)
Each tuition unit purchased under an educational services plan tuition contract shall cover the cost of the beneficiary's tuition in an amount no greater than one percent (1%) of the weighted average tuition in effect at Tennessee's four-year public universities at the time of use. There is no guarantee by the board, the state, the program or anyone that the contributions, together with the investment return on the contributions, if any, earned on the educational investment trust account will be adequate to pay qualified higher education expenses incurred for the beneficiary or that the amounts contributed to any such account is guaranteed or insured.
Amended by 2014 Tenn. Acts, ch. 910,s 17, eff. 5/13/2014.
Acts 1996, ch. 991, § 1; T.C.A., §
49-7-808
; Acts 1999, ch. 233, § 16.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-813 - Custodian of funds - Disbursements

The state treasurer shall be the custodian of the trust funds, and the facilities and employees of the state treasurer shall be used and employed in the administration of the funds, including, but not limited to, the keeping of records, the management of bank accounts and other investments, the transfer of funds and the safekeeping of securities evidencing investments and may delegate or subcontract any or all such functions to any entity that the state treasurer deems qualified for such purpose when the state treasurer determines such delegation to be necessary or desirable.
Amended by 2014 Tenn. Acts, ch. 910,s 20, eff. 5/13/2014.
Acts 1996, ch. 991, § 1; T.C.A., §
49-7-811
; Acts 1999, ch. 233, § 22.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-814 - Investments

(a)
The board shall establish an investment policy for each trust fund. The board may authorize assets of the trust funds to be invested in any instrument, obligation, security or property that constitutes legal investments for assets of the Tennessee consolidated retirement system, or any other investment deemed appropriate by the board. The board may authorize assets of the funds for the educational services program to be pooled for investment purposes with the assets of the Tennessee consolidated retirement system or any other assets under the custody of the state treasurer.
(b)
In conjunction with §
49-7-805(1)
and subsection (a), the board shall cause the amounts on deposit in the educational investment program trust established under §
49-7-812(a)(1)
to be invested in any instrument or investment vehicle that the board deems reasonable and appropriate to achieve the objectives of the trust, exercising the discretion and care of a prudent person in similar circumstances with similar objectives. The board shall not require the trust to invest directly in obligations of the state or any political subdivision of the state or in any investment or other fund administered by the state treasurer or any other state entity. The assets of the trust shall be continuously invested and reinvested in a manner consistent with the objectives of the trust until disbursed for qualified higher education expenses, expended on expenses incurred by the operations of such trust or distributed to the account owner in accordance with the participation agreement.
Amended by 2014 Tenn. Acts, ch. 910, s 21, eff. 5/13/2014.
Acts 1996, ch. 991, § 1; T.C.A., §
49-7-812
; Acts 1999, ch. 233, §§ 23, 24.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-815 - Powers of funds' trustees

Subject to the limitations in §
49-7-814
, the board, or its nominee, has full power to hold, purchase, sell, assign, transfer or dispose of any of the securities or investments in which the assets of the funds have been invested, as well as of the proceeds of the investments and any moneys belonging to the funds.
Acts 1996, ch. 991, § 1; T.C.A., §
49-7-813
; Acts 1999, ch. 233, §§ 25, 26.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-816 - Transaction of business - Nominees

All of the board's business shall be transacted, all of its funds invested, all warrants for money drawn, any payments made and all of its cash and securities and other property shall be held:
(1)
In the name of the board;
(2)
In the name of its nominee; provided, that the nominee is authorized by board resolution solely for the purpose of facilitating the transfer of securities and restricted to members of the board, or a partnership composed of any such members; or
(3)
For the account of the board or its nominee in such forms as are standard in the investment community for the timely transaction of business or ownership identification, such as book entry accounts.
Acts 1996, ch. 991, § 1; T.C.A., §
49-7-814
.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-817 - Personal interest in investments prohibited

Except as otherwise provided, no board member nor employee of the board shall have any personal interest in the gains or profits of any investment made by the board; nor shall any board member or employee of the board, directly or indirectly, for the member or employee or as an agent, in any manner for the member or employee or as an agent, in any manner use the gains or profits except to make the current and necessary payments authorized by the board; nor shall any member or employee of the board become an endorser or surety, or in any manner an obligor, for money loaned to or borrowed from the board.
Acts 1996, ch. 991, § 1; T.C.A., §
49-7-815
.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-818 - Delegation to state treasurer for implementation of policies

(a)
Implementation of the policies established by the board may be delegated by the board to the state treasurer who shall put the policies into effect.
(b)
Subject to the delegation of the board, the state treasurer shall have full power to invest and reinvest the assets of the trust funds.
Acts 1996, ch. 991, § 1; T.C.A. §
49-7-816
; Acts 1999, ch. 233, §§ 27, 28.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-819 - Authorization to contract for investment management services

(a)
Notwithstanding any other law to the contrary, the board may, at its option, contract for investment management services for the assets of either or both of the trust funds and provide for the powers, duties, functions and compensation of any investment managers so engaged. Any contract for investment management services shall be procured in the manner prescribed by the board.
(b)
All expenses and fees incidental to outside investment management may, at the board's sole discretion, be charged to and paid from the earnings of the respective fund.
Acts 1996, ch. 991, § 1; T.C.A., §
49-7-817
; Acts 1999, ch. 233, §§ 29, 30.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-820 - Actuarial soundness of funds

(a)
The board shall obtain appropriate actuarial assistance to establish, and maintain, and certify a fund sufficient to defray the obligation of the educational services plan. The actuary shall recommend to the board, and the board shall adopt, actuarial assumptions and appropriate actuarial tables for use in all calculations in connection with such plan.
(b)
At least once in each six-year period, the actuary shall make an actuarial investigation into the assumptions and tables used in the educational services plan, and taking into account the results of the investigation, the board shall adopt for the plan the actuarial assumptions and tables that are deemed necessary.
(c)
The board of trustees shall keep in convenient form data necessary for actuarial valuation of the fund and for checking the experience of such plan.
(d)
On the basis of the tables and assumptions the board of trustees adopts, the actuary shall make a valuation, at least once a year, of the assets and liabilities of the educational services program trust funds.
Amended by 2014 Tenn. Acts, ch. 910,s 22, eff. 5/13/2014.
Acts 1996, ch. 991, § 1; T.C.A., §
49-7-818
; Acts 1999, ch. 233, §§ 31, 32.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-821 - Cooperation from other state agencies

The board may call upon other departments and agencies of this state for assistance in carrying out the purpose and intent of this part, including, but not limited to, the office of vital records. Notwithstanding any other law to the contrary, the office of vital records shall provide to the board, without charge, vital records information.
Acts 1996, ch. 991, § 1; T.C.A., §
49-7-819
.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-822 - Exemption of assets and benefits from taxation, execution, garnishment and assignment

Notwithstanding any law to the contrary, all assets, income and distributions of qualified tuition plans as defined by the code authorized by federal law, this part, part 9 of this chapter or by the laws of another state are exempt from any state, county or municipal tax and shall not be subject to execution, attachment, garnishment, the operation of bankruptcy, the insolvency laws or other process whatsoever, nor shall any assignment thereof be enforceable in any court. This exemption shall include, but is not limited to, qualified tuition plans defined in § 529 of the Internal Revenue Code (
26 U.S.C. § 529
), accounts properly designated as education savings accounts, education IRAs or future tuition payment plans, however described, and shall include any properly authorized payments made to or by such funds.
Amended by 2014 Tenn. Acts, ch. 910,s 23, eff. 5/13/2014.
Acts 1996, ch. 991, § 1; T.C.A., §
49-7-820
; Acts 1999, ch. 233, § 33; 2004, ch. 712, § 1.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-823 - Suspension or termination of plans

If the board determines that any of the educational investment plan or plans or the educational services plan is, for any reason, financially unfeasible, or is not beneficial to the citizens of this state or to the state itself, the board may suspend or terminate the plan immediately.
Amended by 2014 Tenn. Acts, ch. 910,s 24, eff. 5/13/2014.
Acts 1999, ch. 233, § 34.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 7 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 49-7-NEW — 49-7-3003) › Part 8 - THE TENNESSEE BACCALAUREATE EDUCATION SYSTEM TRUST ACT (§§ 49-7-801 — 49-7-826) › Section 49-7-825 - Disclosure of personal information

(a)
Notwithstanding any other law to the contrary, except as provided in subsections (b) and (c), the board and any officer, employee, agent or contractor of the board shall not disclose personal information about any person obtained by the board in connection with the purchase of tuition units or the making of contributions to any educational investment trust fund account under this part.
(b)
The board and any officer or employee of the board may release information described in subsection (a) under the following circumstances:
(1)
To an institution of higher education in which a beneficiary may enroll or is enrolled. The institution of higher education shall maintain the same level of confidentiality as that required under this section;
(2)
To the extent that the beneficiary, purchaser or their respective legal representative consents to disclosure;
(3)
In compliance with a subpoena or a court order;
(4)
To the comptroller of the treasury or the comptroller's designees for the purpose of an audit of the board;
(5)
To the internal revenue service for the purpose of filing reports of distributions made under the program; or
(6)
In any administrative proceeding or court action between the purchaser, beneficiary or their respective legal representative and the board.
(c)
Personal information referred to in subsection (a) may be disclosed to any requesting person, without regard to intended use, if the board has provided in a clear and conspicuous manner on tuition contracts that personal information collected by the board may be disclosed to any person making a request for the information, and has provided in a clear and conspicuous manner on the contracts an opportunity for the purchaser to prohibit the disclosure.
Amended by 2014 Tenn. Acts, ch. 910,s 25, eff. 5/13/2014.
Acts 1997, ch. 163, § 6; T.C.A., §
49-7-824
; Acts 1999, ch. 233, § 36.