SECTION 7.185. Participant

(a) The participant must be the designated beneficiary or a fiduciary authorized by law to act on behalf of the designated beneficiary, including a parent, guardian, or trustee. The Board may limit the types of fiduciaries allowed to be participants.

(b) Because a designated beneficiary is limited to one ABLE account, the participant who applies for enrollment must have the legal authority to act on behalf of a beneficiary. The Board may determine who has legal authority to apply for enrollment on behalf of a designated beneficiary, and may require written consent from individuals who have legal authority to act on behalf of a beneficiary.

(c) A participant who is not the designated beneficiary may not have or acquire a beneficial interest in an account.

(d) A participant who is not the designated beneficiary must administer the account for the benefit of the designated beneficiary.

Source Note: The provisions of this §7.185 adopted to be effective September 12, 2016, 41 TexReg 7111; amended to be effective April 9, 2018, 43 TexReg 2165