Section 7.162 - DefinitionsThe 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.34 Tex. Admin. Code § 7.162
The provisions of this §7.162 adopted to be effective July 1, 2012, 37 TexReg 4599