(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.