Texas § ED.54.702 - POWERS AND DUTIES OF BOARD
Full text of Texas The Texas Constitution § ED.54.702 — POWERS AND DUTIES OF BOARD, with citation guidance and answers to common questions.
§ ED.54.702. POWERS AND DUTIES OF BOARD
POWERS AND DUTIES OF BOARD. (a) The board shall: (1) develop and implement the plan in a manner consistent with this subchapter; (2) select the financial institution or institutions to serve as plan manager; and (3) adopt rules to implement this subchapter. (b) The board may seek rulings and other guidance from the United States Department of the Treasury, the Internal Revenue Service, and the Securities and Exchange Commission relating to the plan as necessary for proper implementation and development of the plan. The board shall make changes to the plan as necessary for savings trust account owners and beneficiaries of the plan to obtain or maintain federal income tax benefits or treatment provided by Section 529, Internal Revenue Code of 1986, as amended, and exemptions under federal securities laws. (c) The board shall collect administrative fees and service charges in connection with any agreement, contract, or transaction relating to the plan in amounts not exceeding the cost of establishing and maintaining the plan. (d) A savings trust agreement must be developed and approved by the board. The board shall review for compliance with applicable law and must approve in advance any informational materials that a plan manager provides to participants or potential participants in the plan. (e) The board shall adopt a policy to prevent contributions to an account on behalf of a beneficiary in excess of those necessary to pay the qualified higher education expenses of the beneficiary. (f) The board shall monitor contributions to and withdrawals from the plan and each plan account to ensure that any applicable limits on contributions or withdrawals are not exceeded. (g) The board shall prepare and file statements and information returns relating to accounts to the extent required by federal or state tax law. Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001. Amended by: Acts 2019, 86th Leg., R.S., Ch. 903 (H.B. 3655 ), Sec. 5, eff. June 10, 2019.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § ED.54.702
What does The Texas Constitution § ED.54.702 cover?
Section ED.54.702 ("POWERS AND DUTIES OF BOARD") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § ED.54.702?
A common citation format is "The Texas Constitution § ED.54.702" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § ED.54.702 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.