| (a) An eligible individual must be a resident of Texas
at the time the ABLE account is established. The Board may act to
accept out-of-state residents into the Program to the extent allowed
by law.
(b) If at any time, the Program becomes aware that
the eligible individual no longer meets any residency requirements,
if applicable, or no longer meets the requirements of Internal Revenue
Code, §529A, the individual's ABLE account will be closed and
any available funds will be refunded to the participant on behalf
of the designated beneficiary. In the event that available funds are
refunded by the Program because of failure to meet residency requirements
or failure to meet the requirements of Internal Revenue Code, §529A,
the Program will provide advance written or electronic notification
to the participant of a pending refund within a reasonable time, but
not less than thirty (30) days, prior to the refund by the Program.
(c) The participant shall recertify that the designated
beneficiary is an eligible individual:
(1) periodically as required by the Board in a form
acceptable to the Board, or
(2) upon request to reestablish a closed account.
(d) Beginning on the first day of the following calendar
year that a beneficiary ceases to be an eligible individual, the Texas
ABLE Program will no longer accept contributions to the beneficiary's
ABLE account.
|
