Texas Education Code 54.626 – Contract Payment
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(a) The board may provide for the receipt of payments under prepaid tuition contracts in lump sums or installment payments. If the board allows payments under a contract to be made in installments over a period longer than one year, it must provide for those payments to be made in single annual installments in addition to any other permitted installment plans.
(b) A purchaser may make payments under a prepaid tuition contract by electronic funds transfer.
Terms Used In Texas Education Code 54.626
- Contract: A legal written agreement that becomes binding when signed.
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) An employee of the state or a political subdivision of the state may make payments under a prepaid tuition contract by payroll deductions made by the appropriate officer of the state or political subdivision.
(d) The board may impose a fee for a late payment under a prepaid tuition contract.