(a) The board may provide for the receipt of payments under prepaid tuition contracts in lump sums or installment payments. If the board allows payments under a contract to be made in installments over a period longer than one year, it must provide for those payments to be made in single annual installments in addition to any other permitted installment plans.
(b) A purchaser may make payments under a prepaid tuition contract by electronic funds transfer.
(c) An employee of the state or a political subdivision of the state may make payments under a prepaid tuition contract by payroll deductions made by the appropriate officer of the state or political subdivision.
(d) The board may impose a fee for a late payment under a prepaid tuition contract.