Sec. 54.767. USE OF FUND ASSETS. The assets of the fund may be used only to:
(1) pay the costs of program administration and operations;
(2) make payments to general academic teaching institutions, two-year institutions of higher education, private or independent institutions of higher education, medical and dental units, career schools, accredited out-of-state institutions of higher education, and registered apprenticeship programs on behalf of beneficiaries; and
(3) make refunds under prepaid tuition contracts.
Added by Acts 2007, 80th Leg., R.S., Ch. 1281 (H.B. 3900), Sec. 1, eff. June 15, 2007.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 560 (S.B. 1941), Sec. 7, eff. June 19, 2009.
Acts 2019, 86th Leg., R.S., Ch. 903 (H.B. 3655), Sec. 12, eff. June 10, 2019.
Acts 2021, 87th Leg., R.S., Ch. 599 (S.B. 1094), Sec. 7, eff. September 1, 2021.
Structure Texas Statutes
Subtitle A - Higher Education in General
Subchapter H. Prepaid Tuition Unit Undergraduate Education Program: Texas Tomorrow Fund Ii
Section 54.752. Powers and Duties of Board Concerning Program
Section 54.753. Prepaid Tuition Units: Purchase; Assigned Value; Types; Price
Section 54.754. Redemption of Tuition Units
Section 54.755. Prepaid Tuition Contract
Section 54.756. Purchaser; Beneficiary
Section 54.757. Contract Payment
Section 54.758. Deferred Use of Prepaid Credit Hours
Section 54.759. Change of Beneficiary
Section 54.760. Verification Under Oath
Section 54.761. Promise or Guarantee of Admission
Section 54.762. Contract Termination
Section 54.765. Comptroller's Duties; Transfers to Institutions on Redemption of Tuition Units
Section 54.766. Investment of Fund Assets
Section 54.767. Use of Fund Assets
Section 54.7671. Transfers Among 529 Plans
Section 54.768. Exemption From Securities Laws
Section 54.769. Exemption From Creditors' Claims
Section 54.770. Actuarial Soundness of Fund
Section 54.771. Compliance With Limits on Contributions and Withdrawals
Section 54.772. Tax Exempt Status Requirements
Section 54.773. Suspension of New Enrollment; Program Modification or Termination
Section 54.774. Effect of Program Termination on Contract
Section 54.775. Confidentiality
Section 54.776. Statement Regarding Status of Prepaid Tuition Contract