Sec. 54.632. REFUND. (a) A prepaid tuition contract shall specify:
(1) the name of the person entitled to any refund if the contract is terminated;
(2) the terms under which a person is entitled to a refund; and
(3) the method by which the amount of the refund is calculated.
(b) The person named in the contract is entitled to a refund following termination of a prepaid tuition contract.
(c) The board shall determine the method by which the amount of the refund is calculated.
(d) The board shall comply with Section 529 of the Internal Revenue Code of 1986 in imposing penalties for refunds and excess amounts payable under Sections 54.619(d) and (e).
Added by Acts 1995, 74th Leg., ch. 1032, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 1997, 75th Leg., ch. 522, Sec. 5, eff. Sept. 1, 1997.
Section: Previous 54.6261 54.6262 54.627 54.628 54.629 54.630 54.631 54.632 54.633 54.634 54.635 54.636 54.637 54.6385 54.639 NextLast modified: September 28, 2016