Texas Education Code - EDUC § 29.362. Administration of Accounts

(a) On receipt of money distributed by the comptroller for purposes of making transfers to the accounts of participating children, a certified educational assistance organization shall hold that money in trust for the benefit of children participating in the program and make transfers to the account of each participating child served by the organization as follows:

(b) Each year, the comptroller may deduct from the total amount of money appropriated for purposes of this subchapter an amount, not to exceed three percent of that total amount, to cover the comptroller's cost of administering the program.

(c) The comptroller may disburse each state fiscal year a total amount, not to exceed five percent of the amount of money appropriated for purposes of the program for that state fiscal year, to the certified educational assistance organizations for the cost of providing services under this subchapter.

(d) On or before the first day of October and February, a certified educational assistance organization shall:

(e) The comptroller by rule shall establish a process by which a participating parent may authorize the comptroller or a certified educational assistance organization to make a payment directly from the participant's account to a preapproved education service provider or vendor of educational products for an expense allowed under Section 29.359.

(f) On the date on which a child who participated in the program is no longer eligible to participate in the program under Section 29.355 and payments for any education-related expenses allowed under Section 29.359 from the child's account have been completed, the participating child's account shall be closed and any remaining money returned to the comptroller for deposit in the program fund.

(g) Each quarter, any interest or other earnings attributable to money held by a certified educational assistance organization for purposes of the program shall be remitted to the comptroller for deposit in the program fund.