| (a) This subchapter applies to prepaid tuition contracts
under the prepaid tuition unit undergraduate education program (Texas
Tomorrow Fund II) to enable individuals to enter into a prepaid tuition
contract with the board on behalf of a beneficiary for the purchase
of one or more tuition units that the beneficiary is entitled to apply
to the payment of the beneficiary's undergraduate tuition and required
fees at an eligible educational institution.
(b) Applications shall be made available through the
Prepaid Tuition Unit Undergraduate Education Program, Office of the
Comptroller of Public Accounts, P.O. Box 13407, Austin, Texas 78711-3407;
111 East 17th Street, Austin, Texas 78711-1440, or by calling toll-free
at 1-800-445-4723 (GRAD), or as otherwise provided by the board on
the board's Internet web site.
(c) The rights of purchasers and beneficiaries are
subject to the provisions of this subchapter, Education Code, Chapter
54, Subchapter H, Internal Revenue Code, §529, and the terms
and conditions of the prepaid tuition contract. To the extent of irreconcilable
conflict, the provisions of Internal Revenue Code, §529; Education
Code, Chapter 54, Subchapter H; and this subchapter prevail over the
prepaid tuition contract. Any amendment to Internal Revenue Code, §529;
Education Code, Chapter 54, Subchapter H; or this subchapter that
would apply to a prepaid tuition contract will automatically constitute
an amendment to the prepaid tuition contract.
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