reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter C - BOARD RESPONSIBILITIES › Section 7.21 - General Responsibilities

Current through Reg. 49, No. 28; July 12, 2024
The board shall retain the following responsibilities, all
					 of which expressly are not delegated to the executive director:
(1) initiation, settlement or defense of
				  litigation and the retention of legal counsel in connection with litigation;
				  provided that limited authority with respect to litigation is delegated to the
				  executive director as set forth in §
										7.33(2)
				  of this title (relating to Delegated Responsibilities);
(2) adoption of rules relating to the
				  program;
(3) development of
				  investment guidelines;
(4)
				  limitation of enrollments in the program;
(5) approval of contract prices;
(6) negotiation and execution of purchase,
				  contracts, leases, lease purchases, licenses and agreements involving payments
				  of equal to or more than the amount(s) stated in Government Code, §
										2254.021(2);
(7) approval of agreements or other
				  transactions with the United States, state agencies, general academic teaching
				  institutions, two-year institutions of higher education, and local
				  governments;
(8) approval of
				  contracts with persons or entities to market and enroll persons in the
				  programs; and
(9) all policy making
				  responsibilities of general applicability, provided that the board may delegate
				  policy making responsibility to the executive director where parameters have
				  been adopted by the board to be followed by the executive director in the
				  exercise of such responsibility.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter D - EXECUTIVE DIRECTOR › Section 7.31 - General Responsibilities

Current through Reg. 49, No. 28; July 12, 2024
The comptroller serves as executive director of the board.
					 The executive director shall perform all duties and responsibilities imposed by
					 law or delegated by the board.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter D - EXECUTIVE DIRECTOR › Section 7.32 - Management Responsibilities

Current through Reg. 49, No. 28; July 12, 2024
The executive director shall select and supervise staff and
					 contractors or consultants retained by the board, and shall perform such other
					 functions as may be necessary to supervise, direct, conduct and administer the
					 day-to-day duties of the board as authorized by law or by rules and policies
					 adopted by the board.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter D - EXECUTIVE DIRECTOR › Section 7.33 - Delegated Responsibilities

Current through Reg. 49, No. 28; July 12, 2024
Authority to act in the following areas is delegated to the
					 executive director by the board:
(1)
				  to act as agent for service of process and as official liaison with agencies of
				  the state, other states, the federal government and the public;
(2) to initiate, settle or defend litigation
				  by, on behalf of or against the board in collection matters, contract disputes
				  or other matters involving less than $10,000;
(3) to initiate all rulemaking and adopt
				  internal procedures and guidelines;
(4) to supervise, direct, conduct and
				  administer the day-to-day activities of the program;
(5) to negotiate, enter into and execute
				  purchases, contracts, leases, lease-purchases, licenses and agreements
				  involving payments of less than the amount(s) stated in Government Code, §
										2254.021(2);
(6) to authorize a refund, change of
				  beneficiary, conversion to another plan and assess fees as specified by the
				  board or consistent with rules and policies adopted by the board;
(7) to negotiate agreements or other
				  transactions with the United States, state agencies, general academic teaching
				  institutions, two-year institutions of higher education, and local
				  governments;
(8) to appear on his
				  or her own behalf or on behalf of the board before governmental
				  agencies;
(9) to engage the
				  services of private consultants, actuaries, trustees, records administrators,
				  managers, legal counsel, and auditors for administrative or technical
				  assistance;
(10) to solicit and
				  accept on behalf of the board gifts, grants, loans, and other aid from any
				  source or participate in any other way in any government program to carry out
				  this chapter;
(11) to purchase
				  liability insurance covering the board and employees and agents of the board;
				  and
(12) to perform such other
				  duties as specified by the board.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter E - APPLICATION, ENROLLMENT, PAYMENT, AND FEES › Section 7.41 - Application

Current through Reg. 49, No. 28; July 12, 2024
(a) These rules apply to prepaid tuition
				  contracts for the prepayment of tuition and required fees necessary for a
				  beneficiary to attend an institution of higher education or private or
				  independent institution of higher education. Prepayments are expressly limited
				  to payment of tuition and required fees as specified in this chapter, the
				  Education Code, Chapter 54, Subchapter F, and the prepaid tuition contracts
				  issued pursuant thereto.
(b)
				  Applications shall be made available through the Prepaid Higher Education
				  Tuition Program, Office of the Comptroller of Public Accounts, P.O. Box 13407,
				  Austin, Texas 78711-3407; 111 East 17th Street, Room 1114, Austin, Texas
				  78774-0001, or by calling toll-free at 1-800-445-GRAD (4723), or as otherwise
				  provided by the board.
(c) The
				  rights of purchasers and beneficiaries are subject to the provisions of this
				  chapter, the Education Code, Chapter 54, Subchapter F, and the terms and
				  conditions of the prepaid tuition contract. Prepaid tuition contract prices
				  shall be evaluated by the board annually and adjusted as necessary to ensure
				  the actuarial soundness of the fund. Revisions to the prepaid tuition contract
				  price will be published in the Texas Register and shall apply to prepaid
				  tuition contracts entered into subsequent to board approval of the
				  revision.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter E - APPLICATION, ENROLLMENT, PAYMENT, AND FEES › Section 7.42 - Enrollment Period

Current through Reg. 49, No. 28; July 12, 2024
(a) Except as
				  provided in subsection (c) of this section, each enrollment period shall begin
				  and end on dates set annually by the board and published in the
Texas
				  Register.
The official postmark date affixed by the United States
				  Postal Service or date stamp evidencing actual receipt of the application at
				  the address specified as follows, whichever is earlier, shall be considered the
				  date of receipt of an application for purposes of the enrollment period.
				  Applications may be mailed to the following address: Prepaid Higher Education
				  Tuition Program, Office of the Comptroller of Public Accounts, P.O. Box 13407,
				  Austin, Texas 78711-3407. In the alternative applications may be delivered to
				  the following address: 111 East 17th Street, Room 1114, Austin, Texas
				  78774-0001.
(b) The board reserves
				  the right to limit or suspend enrollment if necessary to ensure the actuarial
				  soundness of the fund.
(c) An
				  extended enrollment period for beneficiaries classified as "newborns" may be
				  established by the Board on an annual basis.
(d) In each year that new enrollment in the
				  program is temporarily suspended under Education Code, §
										54.619(j),
				  the board shall determine whether to reopen new enrollment in the program based
				  on the following criteria: the sufficiency of available alternatives for
				  college savings offered by the state, whether analysis of actuarial data shows
				  that new enrollment in the program may be reopened in an actuarially sound
				  manner, and any other relevant criteria. The board may reopen the program to
				  new enrollment if it determines that the alternatives for college savings
				  offered by the state do not offer Texans sufficient help to attain a college
				  education, and that the program could be reopened in an actuarially sound
				  manner. In each year that new enrollment in the program remains closed, the
				  board shall consider the current structure of the program and determine whether
				  statutory or administrative changes are needed to enable the board to reopen
				  the program to new enrollment in an actuarially sound manner.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter E - APPLICATION, ENROLLMENT, PAYMENT, AND FEES › Section 7.43 - Administrative Fees

Current through Reg. 49, No. 28; July 12, 2024
(a) The board shall
				  adopt an administrative fee schedule to cover costs of administration of the
				  program.
(b) Fees adopted by the
				  board shall reflect the intent to make the program self-supporting and to
				  maintain the actuarial soundness of the fund. The fees may include the
				  following:
(1) a nonrefundable application
				  fee of $50 collected at the time the application is submitted;
(2) a termination fee of $25 assessed upon
				  the termination of a contract by the purchaser to allow reimbursement of the
				  board's estimated expenses in terminating the contract;
(3) a change of beneficiary fee of $50
				  assessed in connection with a request to substitute beneficiaries under the
				  plan;
(4) a change in purchaser fee
				  of $20 assessed for assignment of contract rights and obligations to another
				  purchaser;
(5) a benefits transfer
				  fee of $25 deducted from payments when funds are used for out-of-state
				  tuition;
(6) an account maintenance
				  fee of $3.00 on monthly installment accounts and $20 on lump sum accounts for
				  servicing accounts;
(7) a fee of
				  $15 for changes in the mode of payment or payment schedule requested by a
				  purchaser;
(8) a late fee of $10
				  assessed for payments made past the due date;
(9) an insufficient funds fee of $20 assessed
				  for all payments returned for insufficient funds;
(10) an improper notice fee of $25 assessed
				  for failure to provide timely notice of the intent to use contract
				  benefits;
(11) replacement of
				  coupon books and other contract related documents;
(12) a fee for application of program
				  benefits to proprietary school tuition and fees in an amount established by the
				  board; and
(13) other
				  administrative fees established by the board.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter F - TUITION › Section 7.51 - Tuition Paid

Current through Reg. 49, No. 28; July 12, 2024
(a) For prepaid
				  tuition contracts issued under the junior college plan, junior/senior college
				  plan, or senior college plan, the tuition and required fees paid pursuant to
				  such prepaid tuition contracts shall be paid in accordance with the rates
				  charged to Texas residents.
(b) For
				  prepaid tuition contracts issued under the private college plan, tuition and
				  required fees paid pursuant to the prepaid tuition contract shall be limited to
				  the estimated average private tuition and required fees as determined by the
				  board on an annual basis.
(c) For
				  prepaid tuition contracts issued under the senior college, junior/senior
				  college, or junior college plan, where tuition and required fee payments are
				  made to Texas higher education institutions not of the plan selected, payments
				  to the institution shall be based on a calculation of the average tuition rate
				  of the plan selected.
(d) Any
				  prepaid tuition contract purchased under this program may be applied to the
				  payment of tuition and required fees at a proprietary school meeting the
				  requirements of the United States Internal Revenue Code, §529(e)(5), as an
				  "eligible education institution," as if the proprietary school were an
				  institution of higher education or private or independent institution of higher
				  education. On the purchaser's request, the board shall apply any existing
				  amount of prepaid tuition contract benefits, as determined by the average rate
				  of tuition and fees under the contract purchased, to the payment of tuition and
				  required fees at such a proprietary school. The board is not responsible for
				  the payment of tuition and required fees at the proprietary school in excess of
				  that amount.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter F - TUITION › Section 7.52 - Maximum Tuition Credit Hours and Fees Paid

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Except as provided by §
										7.53 of
				  this title (relating to Supplemental Contracts), no more than 128 tuition
				  credit hours may be purchased or paid pursuant to a prepaid tuition contract
				  for attendance under the senior college plan or private college plan.
(b) No more than 64 tuition credit hours may
				  be purchased or paid pursuant to a prepaid tuition contract under the junior
				  college plan.
(c) No more than 128
				  tuition credit hours may be purchased or paid under the junior-senior college
				  plan, with no more than 64 credit hours of tuition and required fees for
				  attendance at a public junior college and 64 credit hours for attendance at a
				  public senior college or university.
(d) Certain required fees are assessed on a
				  per semester basis. No more than the equivalent of eight semesters of such
				  required fees shall be paid unless a supplemental contract is purchased under
				  §
										7.53 of
				  this title. If a supplemental contract is purchased under §
										7.53 of
				  this title, then no more than the equivalent of 10 semesters of such required
				  fees shall be paid.
(e) The board
				  may prescribe other limits to the amount of tuition and required fees payable
				  under any prepaid tuition contract.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter F - TUITION › Section 7.53 - Supplemental Contracts

Current through Reg. 49, No. 28; July 12, 2024
At any time during the duration of the contract but before
					 the beneficiary graduates from high school, the purchaser of a prepaid tuition
					 contract for a senior college plan for four years or a private college plan may
					 purchase a supplemental contract to prepay the tuition and required fees of the
					 beneficiary for 32 credit hours for one additional year of education, in
					 addition to the undergraduate credit hours included in the primary
					 contract.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter F - TUITION › Section 7.54 - Application of Unused Credit Hours to Graduate Tuition

Current through Reg. 49, No. 28; July 12, 2024
(a) If the beneficiary of a prepaid tuition
				  contract registers in a graduate or professional degree program before the
				  termination of the contract and the beneficiary has not received payment under
				  the contract for tuition and required fees for all of the semester credit hours
				  to which the beneficiary is entitled, the beneficiary may apply the value of
				  the remaining semester credit hours under the contract to the payment of the
				  beneficiary's tuition and required fees in a graduate or professional
				  school.
(b) The value of a semester
				  credit hour under a prepaid tuition contract is equal to the average amount of
				  tuition and required fees for an undergraduate semester credit hour for the
				  same term or semester for which the beneficiary applies the payment to the
				  beneficiary's tuition and required fees in a graduate or professional degree
				  program.
(c) This section does not
				  affect the date on which a prepaid tuition contract terminates and does not
				  give the beneficiary the right to any payment under the contract after
				  termination of the contract.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter G - BENEFICIARIES › Section 7.61 - Qualified Beneficiary

Current through Reg. 49, No. 28; July 12, 2024
A qualified beneficiary is an individual who is under the
					 age of 18 or who is 18 years of age or older and enrolled in high school at the
					 time the purchaser enters into the contract, who has not graduated from high
					 school nor obtained high school equivalency certification, and is
					 either:
(1) a resident of the state of
				  Texas; or
(2) a non-resident who is
				  the child of a parent who is a resident of the state of Texas at the time that
				  parent enters into the contract.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter G - BENEFICIARIES › Section 7.62 - Certification and Evidence of Residency

Current through Reg. 49, No. 28; July 12, 2024
(a) The
				  purchaser must certify on the application for enrollment in the program that
				  the beneficiary or the parents or guardians of the beneficiary are residents of
				  this state at the time the purchaser enters into the contract and that the
				  beneficiary or the parents or guardians of the beneficiary satisfy any period
				  of residency required by the board. Prior to or after accepting an application
				  for enrollment in the program, the board may require evidence of residency in
				  the state of Texas as of the date of the application.
(b) For beneficiaries under the age of one as
				  of the date of application, the following documents may be considered
				  sufficient to establish residency status:
(1)
				  a birth certificate indicating that the qualified beneficiary was born in
				  Texas; and
(2) one or more of the
				  items listed in subsection (e) of this section.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter G - BENEFICIARIES › Section 7.63 - Change of Beneficiary

Current through Reg. 49, No. 28; July 12, 2024
(a) The purchaser
				  of a prepaid tuition contract may substitute one beneficiary for another
				  subject to the following conditions:
(1) the
				  new beneficiary must meet the requirements of a qualified beneficiary on the
				  date the designation is changed, including residency requirements;
(2) the new beneficiary is a member of the
				  family of the original beneficiary who meets the requirements of the Internal
				  Revenue Code of 1986, §529 so that the change of beneficiary is not
				  treated as a distribution under that law;
(3) documentation must be submitted
				  evidencing the relationship of the beneficiaries;
(4) the purchaser must pay any amounts that
				  would have been paid under the contract originally had the new beneficiary been
				  designated at the time the original beneficiary was designated, plus any
				  required fees specified in the board's fee schedule; and
(5) the original beneficiary has not used any
				  contract benefits.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter G - BENEFICIARIES › Section 7.64 - Purchasers

Current through Reg. 49, No. 28; July 12, 2024
A purchaser is a person who is obligated to make payments
					 under a prepaid tuition contract. Joint purchasers may enter into a single
					 prepaid tuition contract if they are married on the date of application. Each
					 person that is a purchaser under a prepaid tuition contract is jointly and
					 severally liable for all payments and fees due under such contract. Unless
					 otherwise provided in these rules, the purchaser shall execute all prepaid
					 tuition contract changes, conversions, transfers, terminations and refund
					 requests, and if there are joint purchasers for a single prepaid tuition
					 contract, both purchasers must execute to effect such actions. Any requests to
					 change the purchaser must be signed and notarized by the purchaser. A purchaser
					 may designate in writing to the board a person with a right of survivorship in
					 the event of the purchaser's death. However, until the rights under the
					 contract pass to the designee, such designee has no right to direct decisions
					 regarding contract changes, conversions, transfers or termination. Without
					 limitation on the foregoing, the contract may be modified or terminated by, or
					 refund disbursed to, the purchaser without the consent or authorization of a
					 designee of survivorship rights pursuant to this paragraph.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter H - CONVERSION › Section 7.71 - Conversion

Current through Reg. 49, No. 28; July 12, 2024
(a) Plans are designed to be flexible and to
				  allow beneficiaries to attend their choice of institutions of higher education
				  or private or independent institutions of higher education.
(b) A purchaser may convert a prepaid tuition
				  contract from one plan to another plan during the annual enrollment period
				  specified by the board and upon payment of any additional amounts due under the
				  plan to which the contract is converted plus any required fees specified in the
				  board's fee schedule. The value at the time of conversion of the contract under
				  the original plan shall be credited against amounts due upon conversion. Such
				  value shall be the present lump sum actuarial value of the average amount of
				  tuition and required fees for junior college plans, junior/senior college
				  plans, and senior college plans and the estimated amount of private tuition and
				  required fees for the private college plan. For contracts that are paid in
				  full, the payment of additional amounts for conversion is determined by
				  applying the value at the time of the conversion of the contract purchased
				  under the original plan to the cost of the new plan. For contracts that are not
				  paid in full, the payment of additional amounts for conversion is determined by
				  applying the pro rata amount of the value at the time of conversion of the
				  contract purchased under the original plan to the cost of the new plan, such
				  pro rata amount determined by the number of payments paid under the contract
				  under the original plan by the purchaser to the number of payments required to
				  pay the contract under the original plan in full. If the amount due under the
				  plan to which the contract is converted is less than the value at the time of
				  conversion of the contract under the original plan, such excess amounts shall
				  be credited against other amounts due through the term of the contract. If the
				  amount to be credited under the preceding sentence exceeds the amount due
				  through the term of the contract, such excess shall be refunded to the
				  purchaser less any applicable fees.
(c) A purchaser may transfer ownership of a
				  prepaid tuition contract to another eligible purchaser, provided the transfer
				  is accomplished without consideration and, if the beneficiary is a nonresident
				  of Texas, the substitute purchaser meets the applicable residency
				  requirements.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter I - REFUNDS, TERMINATION › Section 7.82 - Termination of Prepaid Tuition Contract

Current through Reg. 49, No. 28; July 12, 2024
(a) The
				  prepaid tuition contract shall be terminated automatically:
(1) if the board determines that a purchaser
				  has misrepresented residency, age, or other information required by the board
				  in connection with the purchase of a contract; or
(2) upon failure to pay any amounts due under
				  the prepaid tuition contract prior to the expiration of any applicable grace
				  periods.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter I - REFUNDS, TERMINATION › Section 7.83 - Termination of Program

Current through Reg. 49, No. 28; July 12, 2024
(a) If the program
				  is terminated a prepaid tuition contract remains in effect if the beneficiary
				  has been accepted by or is enrolled in an institution of higher education, a
				  private or independent institution of higher education, or a proprietary
				  school, or the beneficiary is projected to graduate from high school not later
				  than the third anniversary of the date the program terminated.
(b) For contracts that do not remain in
				  effect pursuant to subsection (a) of this section, the amount of the refund
				  shall be the amount determined by the board at the time the program is
				  terminated.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter I - REFUNDS, TERMINATION › Section 7.84 - Transfer of Benefits

Current through Reg. 49, No. 28; July 12, 2024
The purchaser may transfer benefits to an out-of-state
					 college or university accredited by a regional accrediting association which is
					 an "eligible educational institution" within the meaning of the Internal
					 Revenue Code, §135(c)(3). The amount of the transfer shall not exceed the
					 average amount of tuition and required fees for the previous academic year
					 under the plan selected, or the estimated average private tuition and required
					 fees for the previous academic year, as applicable, less a cancellation fee and
					 any other applicable fees. Payments may be transferred each academic term to
					 the out-of-state college or university as necessary to pay for tuition and
					 required fees up to the credit hours limit identified in the prepaid tuition
					 contract. A statement from the out-of-state college or university shall be
					 submitted to the board during each academic term, in a form acceptable to the
					 board.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter J - DEFAULT › Section 7.91 - Default

Current through Reg. 49, No. 28; July 12, 2024
Failure to make any payment within 30 days of the due date
					 shall result in default by the purchaser. A purchaser may reinstate the status
					 of its prepaid tuition contract in good standing within 180 days of the
					 default, subject to payment of all delinquent amounts and any fees specified in
					 the board's fee schedule, provided that if no payments are received within 120
					 days of the first payment due date of the contract, the contract is not
					 eligible for reinstatement. A contract that has not been so reinstated shall be
					 terminated.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter K - HIGHER EDUCATION SAVINGS PLAN › Section 7.101 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words, terms, and phrases, when used in this
					 subchapter, shall have the following meanings.
(1) Beneficiary--The designated individual
				  whose qualified higher education expenses are expected to be paid from a
				  savings trust account.
(2)
				  Financial institution--A bank, trust company, savings and loan association,
				  credit union, broker-dealer, mutual fund, insurance company, or other similar
				  financial institution that is authorized to transact business in this
				  state.
(3) Nonqualified
				  withdrawal--A withdrawal from a savings trust account other than:
(A) a qualified withdrawal;
(B) a withdrawal that is made as the result
				  of the death or disability of the beneficiary of the account; or
(C) a withdrawal that is made as a result of
				  the receipt of a scholarship or an allowance or payment that is described in
				  Internal Revenue Code of 1986, §135(d)(1)(B) or (C), as amended, and that
				  the beneficiary has received, to the extent that the amount of the withdrawal
				  does not exceed the amount of the scholarship, allowance, or payment, in
				  accordance with federal law.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter K - HIGHER EDUCATION SAVINGS PLAN › Section 7.102 - General Provisions

Current through Reg. 49, No. 28; July 12, 2024
(a) Applicability
				  of this subchapter. This subchapter applies to each savings trust
				  agreement.
(b) Rights of owners and
				  beneficiaries. The rights of an owner or a beneficiary under a savings trust
				  agreement are subject to:
(1) Education Code,
				  Chapter 54, Subchapter G;
(2) this
				  subchapter; and
(3) the terms and
				  conditions of that agreement.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter K - HIGHER EDUCATION SAVINGS PLAN › Section 7.103 - Tax Benefits and Securities Laws Exemptions

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Intent to satisfy tax exempt requirements. This subchapter, the savings plan,
				  each savings trust agreement, and each savings trust account hereunder are
				  intended to satisfy all requirements of:
(1)
				  Internal Revenue Code, §529, and regulations thereunder; and
(2) federal securities laws.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter K - HIGHER EDUCATION SAVINGS PLAN › Section 7.104 - Enrollment

Current through Reg. 49, No. 28; July 12, 2024
(a) Enrollment period. The savings plan will
				  have an open, continuous enrollment period.
(b) Date on which applications for enrollment
				  are considered to have been received. For purposes of this section:
(1) if an application for enrollment has an
				  official postmark date that is affixed by the United States Postal Service, a
				  plan manager is considered to have received the application on the earlier of:
(A) the official postmark date; or
(B) the date that is reflected on the date
				  stamp to the application or equivalent documentation that evidences actual
				  receipt of the application by the plan manager; or
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter K - HIGHER EDUCATION SAVINGS PLAN › Section 7.105 - Administrative Fees and Service Charges

Current through Reg. 49, No. 28; July 12, 2024
To be determined in consultation with the selected plan
					 manager(s).
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter K - HIGHER EDUCATION SAVINGS PLAN › Section 7.106 - Plan Managers

Current through Reg. 49, No. 28; July 12, 2024
(a) Access to books
				  and records. A plan manager shall provide the comptroller with access to the
				  books and records of the manager as the comptroller determines necessary to
				  assess the manager's compliance with Education Code, Chapter 54, Subchapter G,
				  this subchapter, the savings trust agreement, or the contract between the board
				  and the manager.
(b) Savings trust
				  accounts. A plan manager shall hold each savings trust account in trust.
				  Notwithstanding the foregoing, the Texas Trust Code does not apply to a savings
				  trust agreement or a savings trust account.
(c) Investments. A plan manager shall ensure
				  that each investment by the manager is made with the judgment and care that a
				  person of prudence, discretion, and intelligence would exercise in the
				  management of the property of another, not in regard to speculation but in
				  regard to the permanent disposition of funds, with consideration of the
				  probable income as well as the probable safety of capital.
(d) Marketing of savings plan.
(1) A plan manager shall develop a strategy
				  to market the savings plan and present the strategy to the executive director
				  for review. If the executive director approves the strategy, the manager shall
				  fully implement that strategy.
(2)
				  A plan manager may contract with a financial institution to market the savings
				  plan on behalf of the manager.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter K - HIGHER EDUCATION SAVINGS PLAN › Section 7.107 - Beneficiaries

Current through Reg. 49, No. 28; July 12, 2024
Any individual may be the beneficiary of a savings trust
					 account, including the owner of that account.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter K - HIGHER EDUCATION SAVINGS PLAN › Section 7.108 - Roll-Overs

Current through Reg. 49, No. 28; July 12, 2024
In the case of a roll-over contribution from another
					 qualified tuition plan into a savings trust account, the board shall require
					 that the owner provide additional information and certifications to confirm
					 that the contribution is a qualified roll-over under Internal Revenue Code
					 §529, as amended, and to properly specify that portion of the contribution
					 that is attributable to the investment in the account that was maintained under
					 the previous qualified tuition program and that portion of the contribution
					 that is attributable to earnings that were accumulated in that
					 account.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter K - HIGHER EDUCATION SAVINGS PLAN › Section 7.109 - Owners

Current through Reg. 49, No. 28; July 12, 2024
A savings trust account may only be established with one
					 owner at the time it is opened, and thereafter shall have only one owner except
					 when owned by more than one individual, trust, estate, or UGMA/UTMA custodian,
					 guardian, corporation, non-profit entity, or other legal entity (or any
					 combination thereof) as a result of a transfer by operation of
					 law.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter K - HIGHER EDUCATION SAVINGS PLAN › Section 7.110 - Replacement of Beneficiary

Current through Reg. 49, No. 28; July 12, 2024
(a) Criteria for
				  being a qualified replacement beneficiary. An individual may be the qualified
				  replacement beneficiary of a savings trust agreement if:
(1) the individual is a member of the family
				  of the former beneficiary who satisfies the requirements of Internal Revenue
				  Code of 1986, §529(e)(2), as amended, so that the change of beneficiary is
				  not treated as a distribution under that law; and
(2) documentation that evidences the
				  relationship between the individual and the former beneficiary is submitted to
				  the plan manager that has custody of the savings trust account.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter K - HIGHER EDUCATION SAVINGS PLAN › Section 7.111 - Withdrawals

Current through Reg. 49, No. 28; July 12, 2024
(a) General provisions. The owner of a
				  savings trust account may withdraw any amount from that account if:
(1) the withdrawal is made in accordance with
				  Education Code, Chapter 54, Subchapter G; this subchapter; and the applicable
				  savings trust agreement;
(2) the
				  owner certifies to the appropriate plan manager the portion, if any, of the
				  withdrawal that constitutes a nonqualified withdrawal if requested by the plan
				  manager; and
(3) the withdrawal
				  would not adversely affect the tax status of the savings plan under applicable
				  provisions of Internal Revenue Code of 1986, as amended. Notwithstanding the
				  owner's certifications that are described in clause (2) above, the board may
				  independently determine the extent to which any withdrawal constitutes a
				  nonqualified withdrawal.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter L - PREPAID TUITION UNIT UNDERGRADUATE EDUCATION PROGRAM: TEXAS TOMORROW FUND II › Section 7.121 - Application

Current through Reg. 49, No. 28; July 12, 2024
(a) This subchapter applies to prepaid
				  tuition contracts under the prepaid tuition unit undergraduate education
				  program (Texas Tomorrow Fund II) to enable individuals to enter into a prepaid
				  tuition contract with the board on behalf of a beneficiary for the purchase of
				  one or more tuition units that the beneficiary is entitled to apply to the
				  payment of the beneficiary's undergraduate tuition and required fees at an
				  eligible educational institution.
(b) Applications shall be made available
				  through the Prepaid Tuition Unit Undergraduate Education Program, Office of the
				  Comptroller of Public Accounts, P.O. Box 13407, Austin, Texas 78711-3407; 111
				  East 17th Street, Austin, Texas 78711-1440, or by calling toll-free at
				  1-800-445-4723 (GRAD), or as otherwise provided by the board on the board's
				  Internet web site.
(c) The rights
				  of purchasers and beneficiaries are subject to the provisions of this
				  subchapter, Education Code, Chapter 54, Subchapter H, Internal Revenue Code,
				  §529, and the terms and conditions of the prepaid tuition contract. To the
				  extent of irreconcilable conflict, the provisions of Internal Revenue Code,
				  §529; Education Code, Chapter 54, Subchapter H; and this subchapter
				  prevail over the prepaid tuition contract. Any amendment to Internal Revenue
				  Code, §529; Education Code, Chapter 54, Subchapter H; or this subchapter
				  that would apply to a prepaid tuition contract will automatically constitute an
				  amendment to the prepaid tuition contract.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter L - PREPAID TUITION UNIT UNDERGRADUATE EDUCATION PROGRAM: TEXAS TOMORROW FUND II › Section 7.122 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words, terms, and phrases, when used in this
					 subchapter, shall have the following meanings:
(1) Accredited out-of-state institution of
				  higher education--A public or private institution of higher education that:
(A) is located outside this state;
				  and
(B) is accredited by a
				  recognized accrediting agency.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter L - PREPAID TUITION UNIT UNDERGRADUATE EDUCATION PROGRAM: TEXAS TOMORROW FUND II › Section 7.123 - Tax Exempt Status Requirements

Current through Reg. 49, No. 28; July 12, 2024
(a) The
				  provisions of this section are intended to meet the requirements of Internal
				  Revenue Code, §529.
(b) A
				  payment of an amount due to the fund for a prepaid tuition contract must be
				  made in cash or cash equivalent. A person may not make a payment to the fund
				  (regardless of whether such payment is a direct purchase, gift, contribution
				  under the Texas Save & Match program, or other payment) to the extent that
				  any such payment with respect to a beneficiary, when aggregated with the other
				  Internal Revenue Code, 529 Plans for such beneficiary, would exceed the
				  contribution limits of Internal Revenue Code, §529.
(c) The plan manager will monitor
				  contributions to and withdrawals from the fund and any account within the fund
				  to ensure that any applicable limits on contributions or withdrawals are not
				  exceeded.
(d) The plan manager
				  shall maintain a separate accounting for each beneficiary.
(e) The plan manager shall determine the
				  earnings portion of each distribution, if any, in accordance with methods that
				  are consistent with Internal Revenue Code, §529.
(f) The plan manager shall report the
				  earnings portion of any distribution or refund on a statement to the purchaser
				  or other distributee as appropriate, and to the Secretary of the United States
				  Treasury, as may be required by the Internal Revenue Code, §529.
(g) The purchaser and beneficiary under the
				  prepaid tuition contract, and any other contributor, may not:
(1) control or direct the investment of
				  payments under the contract or any earnings of the fund; or
(2) use any interest in the contract as
				  security or collateral for a loan or other obligation.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter L - PREPAID TUITION UNIT UNDERGRADUATE EDUCATION PROGRAM: TEXAS TOMORROW FUND II › Section 7.124 - Prepaid Tuition Units: Purchase; Assigned Value; Types; Price

Current through Reg. 49, No. 28; July 12, 2024
(a) Under the program, a purchaser may prepay
				  the costs of all or a portion of a beneficiary's undergraduate tuition and
				  required fees at an eligible educational institution by entering into a prepaid
				  tuition contract with the board to purchase one or more tuition units of a type
				  described by this section at the applicable price established by the board for
				  that type of unit for the year in which the unit is purchased.
(1) The portion of the beneficiary's
				  undergraduate tuition and required fees for which a tuition unit may be
				  redeemed is assigned to the tuition unit at the time of purchase.
(2) Tuition unit(s) may be redeemed to pay
				  that portion of the tuition and fees at the general academic teaching
				  institution or two-year institution of higher education in any academic year in
				  which the unit is redeemed in accordance with this subchapter.
(3) The purchaser may purchase one type of
				  unit or a combination of two or three types of units.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter L - PREPAID TUITION UNIT UNDERGRADUATE EDUCATION PROGRAM: TEXAS TOMORROW FUND II › Section 7.125 - Redemption of Tuition Units

Current through Reg. 49, No. 28; July 12, 2024
(a) In
				  accordance with this subchapter, when a beneficiary under a prepaid tuition
				  contract redeems tuition units to pay costs of tuition and required fees, the
				  board shall apply money in the Fund, in the amount provided by Education Code,
				  §
										54.765, to pay all or
				  the applicable portion of the costs of the beneficiary's tuition and required
				  fees at the general academic teaching institution, two-year institution of
				  higher education, private or independent institution of higher education,
				  medical and dental unit, career school, or accredited out-of-state institution
				  of higher education in which the beneficiary enrolls.
(1) Subject to subsection (c)(2) of this
				  section, and the other provisions of this section, a beneficiary may redeem any
				  type of tuition unit or partial tuition unit for attendance at an institution
				  described by this section.
(2) A
				  general academic teaching institution or two-year institution of higher
				  education shall accept the amount transferred to the institution under
				  Education Code, §
											54.765(c),
				  when the unit or units are redeemed as payment for all or the applicable
				  portion of the beneficiary's tuition and required fees.
Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 7 - PREPAID HIGHER EDUCATION TUITION PROGRAM › Subchapter L - PREPAID TUITION UNIT UNDERGRADUATE EDUCATION PROGRAM: TEXAS TOMORROW FUND II › Section 7.126 - Prepaid Tuition Contract

Current through Reg. 49, No. 28; July 12, 2024
(a) To apply for
				  enrollment in the program, a purchaser shall complete and submit a prepaid
				  tuition contract form, approved by the board.
(b) A purchaser shall provide the following
				  information on the form:
(1) the name,
				  address, social security number or tax identification number of the
				  purchaser;
(2) name, date of birth
				  and social security number of the beneficiary, or in the case of a newborn,
				  provide proof of an application for a social security number through the Social
				  Security Administration;
(3) the
				  date the beneficiary is projected to graduate from high school;
(4) a certification indicating that the
				  purchaser is eligible to enroll in the program because either the beneficiary
				  or a parent of the beneficiary is a resident of this state, as provided in
				  §
											7.127 of
				  this title (relating to Purchaser; Beneficiary);
(5) how the purchaser intends to finance the
				  prepaid tuition contract;
(6) the
				  name of any person who shall have a right of survivorship with respect to the
				  purchaser's rights under the prepaid tuition contract;
(7) the annual gross household income of the
				  purchaser;
(8) the highest
				  educational level achieved by the purchaser;
(9) the race or ethnicity of the beneficiary;
				  and
(10) how the purchaser first
				  learned about the program.