Section 18-19B-08 – Audit; Report
(a) The legislative auditor shall audit the Broker–Dealer Plan as provided under Title 2, Subtitle 12 of the State Government Article. (b) The Board shall obtain an annual audit report from service provider(s) within six months of the end of such service provider’s reporting period.
Section 18-19C-01 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “ABLE account” means an account described under § 529A(e) of the Internal Revenue Code. (c) “ABLE account contributor” means an individual who contributes money to an ABLE account described under § 529A(e) of the Internal Revenue Code. (d) “ABLE account holder” means an individual who has established […]
Section 18-19C-02 – Program Established
(a) (1) The Board shall establish a Maryland ABLE Program that shall be subject to the provisions of § 529A of the Internal Revenue Code. (2) It is the goal of the State that the Maryland ABLE Program be fully operational by October 1, 2017. (b) The purpose of the Maryland ABLE Program is to: (1) Encourage and assist individuals […]
Section 18-19C-03 – Operation of Program
(a) (1) The Board may issue requests for proposals to evaluate and determine the means for the administration, management, promotion, or marketing of the Maryland ABLE Program. (2) The Board shall consider proposals that meet the following criteria: (i) Ability to develop and administer an investment program of a nature similar to the objectives of the Maryland ABLE Program; […]
Section 18-19C-04 – Participants; Distributions
(a) An eligible individual, as defined in § 529A(e) of the Internal Revenue Code, may participate in and benefit from the Maryland ABLE Program. (b) Distributions shall be requested by the designated beneficiary subject to the provisions of § 529A of the Internal Revenue Code.
Section 18-19C-05 – Program Not State Program; Commingling With Other Accounts
(a) (1) The debts, contracts, and obligations of the Maryland ABLE Program are not the contracts, debts, or obligations of the State, and neither the faith and credit nor taxing power of the State is pledged directly or indirectly or contingently, morally or otherwise, to the payment of the debts, contracts, and obligations. (2) The Board may not […]
Section 18-19C-06 – Exclusions and Exemptions
(a) The Board, the Maryland ABLE Program, and the ABLE accounts issued under this subtitle are not subject to the provisions of the Insurance Article. (b) The assets and income of the Maryland ABLE Program are exempt from State and local taxation.
Section 18-19C-07 – Attachment and Garnishment Not Permitted
(a) In this section, “person” does not include the State. (b) A person may not attach, execute, garnish, or otherwise seize any current or future benefit under an ABLE account or any asset of the Maryland ABLE Program.
Section 18-19A-07 – Audit
(a) (1) The Legislative Auditor shall audit the Plan as provided under Title 2, Subtitle 12 of the State Government Article. (2) The Board shall obtain an annual audit report from service providers. (b) (1) Within 120 days after the close of each fiscal year, the Board shall submit to the Governor and, subject to § 2-1257 of the State […]
Section 18-19C-08 – Audits
(a) The Legislative Auditor shall audit the Maryland ABLE Program as provided under Title 2, Subtitle 12 of the State Government Article. (b) The Board shall obtain an annual audit report from a service provider within 6 months of the end of the reporting period of the service provider.