Texas Occupations Code 1603.3601 – Cancellation and Settlement Policy
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Terms Used In Texas Occupations Code 1603.3601
- Contract: A legal written agreement that becomes binding when signed.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
The holder of a private postsecondary school license shall maintain a cancellation and settlement policy that provides a full refund of money paid by a student if the student:
(1) cancels the enrollment agreement or contract not later than midnight of the third day after the date the agreement or contract is signed by the student, excluding Saturdays, Sundays, and legal holidays; or
(2) entered into the enrollment agreement or contract because of a misrepresentation made:
(A) in the advertising or promotional materials of the school; or
(B) by an owner or representative of the school.