Sec. 54.756. PURCHASER; BENEFICIARY. (a) A purchaser may be any person who is permitted to be a purchaser under Section 529, Internal Revenue Code of 1986. The purchaser is not required to be a resident of this state, except as provided by Subsection (c)(2).
(b) In accordance with applicable provisions of Section 529, Internal Revenue Code of 1986, a purchaser is the owner of the account to which the purchaser's prepaid tuition contract money is assigned.
(c) At the time the purchaser enters into a prepaid tuition contract, the beneficiary of the contract must be:
(1) a resident of this state at the time the purchaser enters into the contract; or
(2) a nonresident who is the child of a parent who is a resident of this state at the time that parent enters into the contract.
(d) For purposes of Subsection (c), the board may require a reasonable period of residence in this state for a beneficiary or the parent of a beneficiary.
(e) Notwithstanding any provision of Subchapter B, the tuition and required fees charged by a general academic teaching institution or two-year institution of higher education that are paid for with tuition units shall be determined as if the beneficiary of that contract were a resident student.
Added by Acts 2007, 80th Leg., R.S., Ch. 1281 (H.B. 3900), Sec. 1, eff. June 15, 2007.
Section: Previous 54.715 54.716 54.751 54.752 54.753 54.754 54.755 54.756 54.757 54.758 54.759 54.760 54.761 54.762 54.763 NextLast modified: September 28, 2016