| (a) To apply for enrollment in the program, a purchaser shall complete and submit a prepaid tuition contract form, approved by the board. (b) A purchaser shall provide the following information on the form: (1) the name, address, social security number or tax identification number of the purchaser; (2) name, date of birth and social security number of the beneficiary, or in the case of a newborn, provide proof of an application for a social security number through the Social Security Administration; (3) the date the beneficiary is projected to graduate from high school; (4) a certification indicating that the purchaser is eligible to enroll in the program because either the beneficiary or a parent of the beneficiary is a resident of this state, as provided in §7.127 of this title (relating to Purchaser; Beneficiary); (5) how the purchaser intends to finance the prepaid tuition contract; (6) the name of any person who shall have a right of survivorship with respect to the purchaser's rights under the prepaid tuition contract; (7) the annual gross household income of the purchaser; (8) the highest educational level achieved by the purchaser; (9) the race or ethnicity of the beneficiary; and (10) how the purchaser first learned about the program. (c) The prepaid tuition contract shall specify: (1) the name, address, social security number or tax identification number of the purchaser; (2) the terms under which the purchaser must pay any amounts owed under the contract; (3) the consequences of default; (4) the name, date of birth, and social security number of the beneficiary under the contract, provided that the board may allow additional time for the purchaser to obtain the social security number of a newborn; (5) the terms under which another person may be substituted as the beneficiary; (6) the date the beneficiary is projected to graduate from high school; (7) the name of any person designated by the purchaser who shall have a right of survivorship with respect to purchaser's rights under the prepaid tuition contract; (8) the name of any person who may terminate or cancel the contract; (9) the terms under which the contract may be terminated or cancelled; (10) the terms under which the purchaser is entitled to a refund; (11) the method by which the amount of the refund is computed; and (12) other provisions the board considers necessary or appropriate. (d) The prepaid tuition contract may provide for the purchase of additional tuition units in subsequent years at the then-current price of the additional units. (e) The prepaid tuition contract may also provide for the purchase of additional units in subsequent years through the Texas Save and Match program or through gift or other contributions by persons on behalf of a beneficiary, at the then-current price of the additional units at the time a contribution is made. |
