Section 7.184 - Designated Beneficiary and Eligible Individual(a) An eligible individual must be a resident of Texas at the time the ABLE account is established. The Board may act to accept out-of-state residents into the Program to the extent allowed by law.(b) If at any time, the Program becomes aware that the eligible individual no longer meets any residency requirements, if applicable, or no longer meets the requirements of Internal Revenue Code, §529A, the individual's ABLE account will be closed and any available funds will be refunded to the participant on behalf of the designated beneficiary. In the event that available funds are refunded by the Program because of failure to meet residency requirements or failure to meet the requirements of Internal Revenue Code, §529A, the Program will provide advance written or electronic notification to the participant of a pending refund within a reasonable time, but not less than thirty (30) days, prior to the refund by the Program.(c) The participant shall recertify that the designated beneficiary is an eligible individual: (1) periodically as required by the Board in a form acceptable to the Board, or(2) upon request to reestablish a closed account.(d) Beginning on the first day of the following calendar year that a beneficiary ceases to be an eligible individual, the Texas ABLE Program will no longer accept contributions to the beneficiary's ABLE account.34 Tex. Admin. Code § 7.184
Adopted by Texas Register, Volume 41, Number 37, September 9, 2016, TexReg 7111, eff. 9/12/2016; Amended by Texas Register, Volume 43, Number 14, April 6, 2018, TexReg 2165, eff. 4/9/2018