(a) The following information shall be disclosed in writing to each purchaser of a tuition contract:

(1) The terms and conditions for purchasing tuition units if the contract involves the educational services plan, or the terms and conditions for the making of contributions if the contract involves the educational savings plan;

(2) The name and date of birth of the beneficiary of the contract, and the terms and conditions under which another person may be substituted as the beneficiary;

(3) The name of the refund recipient;

(4) The terms and conditions under which the contract may be terminated by the refund recipient and the amount of the refund, if any, to which the refund recipient is entitled upon termination;

(5) The method by which tuition benefits under the program shall be applied toward payment of tuition and other educational costs;

(6) The period of time during which the beneficiary must claim benefits through the program;

(7) If the contract involves the educational services plan, the obligation of the board to make payments on behalf of a beneficiary under § 49-7-807(a) based upon the number of tuition units purchased on behalf of the beneficiary, or if the contract involves the educational savings plan, the obligation of the board to make payments on behalf of a beneficiary under § 49-7-808(a) based upon the redemption value accrued on behalf of the beneficiary;

(8) The terms and conditions under which money may be wholly or partially withdrawn from the program, including, but not limited to, any reasonable charges and fees that may be imposed for withdrawal;

(9) The obligation of the board to pay directly to the institution of higher education in which the beneficiary is enrolled the tuition benefits being used that term for tuition and other educational costs; and

(10) Other terms, conditions and provisions the board considers, in its sole discretion, to be necessary or appropriate.

(b) Notwithstanding any other law to the contrary, the board may provide in a tuition contract that the tuition benefits being used for the payment of tuition and other educational costs be paid directly to the beneficiary or to the entity to whom the charges are owed; provided, that the direct payments are authorized under the sections of the Internal Revenue Code that are applicable to the program.