34 Tex. Admin. Code § 7.82 - Termination of Prepaid Tuition Contract
(a)
The prepaid tuition contract shall be terminated automatically:
(1) if the board determines that a purchaser
has misrepresented residency, age, or other information required by the board
in connection with the purchase of a contract; or
(2) upon failure to pay any amounts due under
the prepaid tuition contract prior to the expiration of any applicable grace
periods.
(b) At its
option, a purchaser may voluntarily terminate a prepaid tuition contract upon
submission of a written request, provided the beneficiary is under 18 years of
age and has not graduated from high school or attained high school equivalency
certification. Termination shall be effective 30 days after receipt of such
request by the board. The sum of payments made by the purchaser under the
prepaid tuition contract, less a cancellation fee, may be refunded to the
purchaser, subject to the limitations set forth in §
7.81 of this title (relating to
Refunds), or the purchaser may transfer any benefits under such contract to
another qualified beneficiary under a prepaid tuition contract.
(c) If the beneficiary is at least 18 years
of age, or has graduated from high school or attained high school equivalency
certification, either the purchaser or the beneficiary may terminate the
prepaid tuition contract.
(d) A
prepaid tuition contract terminates automatically on the tenth anniversary of
the date the beneficiary is projected to graduate from high school. Time spent
as an active duty member of the United States armed services shall toll the
ten-year anniversary period.
Notes
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