(a) This section is intended to meet the requirements of Section 529, Internal Revenue Code of 1986.
(b) A payment of an amount due to the fund for a prepaid tuition contract must be made in cash or cash equivalent. A person may not make a payment to the fund in excess of the amounts required to be paid under a prepaid tuition contract.
(c) The board shall maintain a separate accounting for each beneficiary.
(d) The purchaser under a prepaid tuition contract and the beneficiary under the contract may not:
(1) control or direct the investment of payments under the contract or any earnings of the fund; or
(2) use any interest in the contract as security for a loan or other obligation.
(e) The board shall make reports required by the secretary of the United States Treasury.