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RULE §7.131 Purchaser Obligations and Requests

Published: 2015

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(a) The purchaser is the person who is obligated to make payments under a prepaid tuition contract. (b) Unless otherwise provided in this subchapter, the purchaser shall execute all prepaid tuition contract changes, conversions, transfers, terminations and refund requests. (c) Any request to change a purchaser, change a beneficiary, or terminate a contract, must be submitted in a writing signed by the purchaser. (d) A purchaser may designate in writing to the board on the enrollment form, or in a separate written request, a person with a right of survivorship in the event of the purchaser's death. However, until the rights under the contract pass to the designee, such designee has no right to direct decisions regarding contract changes, conversions, transfers or termination. Without limitation on the foregoing, the contract may be modified or terminated by, or refund disbursed to, the purchaser without the consent or authorization of a designee of survivorship rights. It is the purchaser's responsibility to update the survivorship information as appropriate.

Source Note: The provisions of this §7.131 adopted to be effective August 27, 2008, 33 TexReg 6957