(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 ofthe 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.         
     Source Note:        The provisions of this §7.41 adopted to be effective January 8, 1996, 20 TexReg 11124; amended to be effective November 15, 1996, 21 TexReg 10886.