Sec. 54.763. REFUND. (a) A prepaid tuition contract shall specify: (1) the name of the person entitled to any refund if the contract is terminated; (2) the terms under which a person is entitled to a refund; and (3) the method by which the amount of the refund is computed. (b) The person named in the contract is entitled to a refund following termination of a prepaid tuition contract. (c) The board shall determine the method by which the amount of the refund is computed.
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