Texas § 54.772 TAX EXEMPT STATUS REQUIREMENTS.

Texas Statutes

§ 54.772 — TAX EXEMPT STATUS REQUIREMENTS.

Texas § 54.772

Code EDEducation Code

This text of Texas § 54.772 (TAX EXEMPT STATUS REQUIREMENTS.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Education Code Code Ann. § 54.772 (2026).

Text

Sec. 54.772. TAX EXEMPT STATUS REQUIREMENTS.

(a)This section is intended to meet the requirements of Section 529, Internal Revenue Code of 1986.

(b)A payment of an amount due to the fund for a prepaid tuition contract must be made in cash or cash equivalent. A person may not make a payment to the fund in excess of the amounts required to be paid under a prepaid tuition contract.

(c)The board shall maintain a separate accounting for each beneficiary.

(d)The purchaser under a prepaid tuition contract and the beneficiary under the contract may not:

(1)control or direct the investment of payments under the contract or any earnings of the fund; or

(2)use any interest in the contract as security for a loan or other obligation.

(e)The board shall make reports required by the secretary of t

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Sec. 54.772. TAX EXEMPT STATUS REQUIREMENTS. (a) This section is intended to meet the requirements of Section 529, Internal Revenue Code of 1986.
(b) A payment of an amount due to the fund for a prepaid tuition contract must be made in cash or cash equivalent. A person may not make a payment to the fund in excess of the amounts required to be paid under a prepaid tuition contract.
(c) The board shall maintain a separate accounting for each beneficiary.
(d) The purchaser under a prepaid tuition contract and the beneficiary under the contract may not:
(1) control or direct the investment of payments under the contract or any earnings of the fund; or
(2) use any interest in the contract as security for a loan or other obligation.
(e) The board shall make reports required by the secretary of the United States Treasury.