The following words and terms, when used in this subchapter,
shall have the following meanings, unless the context clearly indicates
otherwise.
(1) Accredited out-of-state institution of higher education,
career school, general academic teaching institution, private or independent
institution of higher education, and two-year institution of higher
education have the meanings assigned by Education Code, §54.751.
(2) Beneficiary--A beneficiary on whose behalf a purchaser
enters into a prepaid tuition contract with the board under Education
Code, Chapter 54, Subchapter H or for whom an account owner opens
a savings trust account under Education Code, Chapter 54, Subchapter
G.
(3) Board--Prepaid Higher Education Tuition Board.
(4) Fund--Texas Save and Match Trust Fund established
under Education Code, §54.808.
(5) Match account--An allocation of funds or tuition
units from an account, fund, or contract owned and maintained by the
board or program entity that has been awarded to a participant on
behalf of a designated beneficiary.
(6) Nonprofit scholarship organization--An organization
described in Internal Revenue Code of 1986, §501(c)(3), and exempt
from taxation under §501(a) of that code that operates a scholarship
program that benefits beneficiaries who are residents of this state.
(7) Participant--A purchaser of a prepaid tuition contract
or account owner of a savings trust account who has been awarded a
match account under the program.
(8) Prepaid tuition contract--A contract entered into
under Education Code, Chapter 54, Subchapter H or I. Prepaid tuition
contract includes Texas Tuition Promise Fund® contracts or any
future higher education prepaid tuition program established by the
Texas Prepaid Higher Education Tuition Board under Education Code,
Chapter 54, Subchapter H.
(9) Program--Texas Save and Match Program established
under Education Code, §54.802.
(10) Program entity--Texas Match the Promise FoundationSM , a Texas nonprofit corporation, or any future
tax-exempt charitable organization established by law to implement
the program.
(11) Savings trust account--A savings trust account
established under Education Code, Chapter 54, Subchapter G or I. Savings
trust account includes accounts in the Texas College Savings Plan®
and the LoneStar 529 Plan® or any future higher education savings
plan established by the Texas Prepaid Higher Education Tuition Board
under Education Code, Chapter 54, Subchapter G.
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