Section 54.644 - Tax Exempt Status Requirements(a) The provisions of this section are intended to meet the requirements of Section 529 of the Internal Revenue Code of 1986.(b) A payment of an amount due to the fund for a prepaid tuition contract must be made in cash. A person may not make a payment to the fund in excess of the amounts required to be paid under a prepaid tuition contract.(c) The board shall maintain a separate accounting for each beneficiary.(d) The purchaser of a prepaid tuition contract and the beneficiary of the contract may not control or direct the investment of payments under the contract or any earnings of the fund.(e) The purchaser of a prepaid tuition contract and the beneficiary of the contract may not use any interest in the contract as security for a loan or other obligation.(f) The board shall make reports required by the secretary of the United States Treasury.Added by Acts 1997, 75th Leg., ch. 522, Sec. 11, eff. 9/1/1997.