Section 54.755 - Prepaid Tuition Contract(a) The board shall adopt a form for a prepaid tuition contract to be used by the board and purchasers.(b) A prepaid tuition contract must:(1) specify the terms under which the purchaser must pay any amounts owed under the contract;(2) specify the consequences of default;(3) specify the name and date of birth of the beneficiary under the contract and the terms under which another person may be substituted as the beneficiary;(4) specify the date the beneficiary is projected to graduate from high school; and(5) contain any other provisions the board considers necessary or appropriate.(c) A prepaid tuition contract may provide for the purchase of additional tuition units in subsequent years at the then-current price of the additional units.Added by Acts 2007, 80th Leg., R.S., Ch. 1281, Sec. 1, eff. 6/15/2007.