Sec. 54.755.  PREPAID TUITION CONTRACT.  (a)  The board shall adopt a form for a prepaid tuition contract to be used by the board and purchasers.
(b)  A prepaid tuition contract must:
(1)  specify the terms under which the purchaser must pay any amounts owed under the contract;
(2)  specify the consequences of default;
(3)  specify the name and date of birth of the beneficiary under the contract and the terms under which another person may be substituted as the beneficiary;
(4)  specify the date the beneficiary is projected to graduate from high school; and
(5)  contain any other provisions the board considers necessary or appropriate.
(c)  A prepaid tuition contract may provide for the purchase of additional tuition units in subsequent years at the then-current price of the additional units.
Added by Acts 2007, 80th Leg., R.S., Ch. 1281 (H.B. 3900), Sec. 1, eff. June 15, 2007.