Texas § ED.132.2415 - TUITION TRUST ACCOUNT

§ ED.132.2415. TUITION TRUST ACCOUNT

TUITION TRUST ACCOUNT. (a) The Texas Workforce Commission depository bonds guaranty trust account is renamed the career school or college tuition trust account. The career school or college tuition trust account is the account designated to receive all amounts related to the protection of career school or college tuition. The balance of the trust account may not exceed $1 million. (b) The commission may collect annually a fee from each career school or college to be deposited to the credit of the career school or college tuition trust account. The total amount of the fees collected in a year shall be set by the commission in the amount estimated as necessary to pay the liabilities of the trust account during that year, not to exceed 0.2 percent of the gross amount of tuition and fees charged by career schools and colleges in that year, excluding amounts refunded under Section 132.061 or 132.0611 . (c) If, at the end of a fiscal year, the commission determines that the commission has collected fees under this chapter in excess of the amount necessary to defray the expense of administering this chapter, the commission may transfer any portion of the excess amount to the career school or college tuition trust account. (d) From money in the career school or college tuition trust account, the commission shall attempt to provide a full refund to each student of a closed career school or college of the amount owed to the student as determined under Section 132.061 . The commission may provide a partial refund to a student only if the commission determines that the amount in the trust account is insufficient to provide a full refund to the student. The commission shall consider the following factors in determining the amount of a partial refund to be paid to a student: (1) the amount of money in the trust account; (2) the cost and number of claims against the trust account resulting from closure of the school or college; (3) the average cost of a claim paid from the trust account in the past; and (4) the availability of other schools or colleges, regardless of whether the school or college is a career school or college, at which the student may complete the student's training. (e) Expired. Added by Acts 2003, 78th Leg., ch. 364, Sec. 1.08, eff. Sept. 1, 2003; Acts 2003, 78th Leg., ch. 817, Sec. 8.09, eff. Sept. 1, 2003. Amended by: Acts 2005, 79th Leg., Ch. 747 (H.B. 2806 ), Sec. 10, eff. September 1, 2005. Acts 2007, 80th Leg., R.S., Ch. 496 (S.B. 309 ), Sec. 4, eff. September 1, 2007.