Section 18-1913 – Seizure of Contract Benefits Prohibited
(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 a prepaid contract or any asset of the Trust.
Section 18-1901 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “ABLE account holder” means an individual who has established an account described under § 529A(e) of the Internal Revenue Code and is the designated beneficiary of the account. (c) “Account holder” means an individual who: (1) Makes or undertakes the obligation to make advance payments of qualified […]
Section 18-1902 – Policy Statement
It is the intent of the General Assembly to enhance the accessibility and affordability of higher education for all citizens of the State and for all citizens of the District of Columbia by establishing a method to provide for the prepayment of tuition at eligible institutions of higher education.
Section 18-1902.1 – Maryland 529
(a) There is a Program entitled Maryland 529. (b) The purpose of the Program is to provide for the administration by the Board of the Maryland Senator Edward J. Kasemeyer Prepaid College Trust, the Maryland Senator Edward J. Kasemeyer College Investment Plan, the Maryland Broker–Dealer College Investment Plan, and the Maryland ABLE Program.
Section 18-1903 – Trust Established; Purpose; Funds
(a) There is a Maryland Senator Edward J. Kasemeyer Prepaid College Trust. (b) The purpose of the Trust is to provide: (1) A means for payment of the cost of tuition in advance of enrollment at an eligible institution of higher education; and (2) An assurance to a beneficiary who enrolls at an eligible institution of higher education that […]
Section 18-1904 – Maryland 529 Board
(a) There is a Maryland 529 Board. (b) The Board shall administer: (1) The Maryland Senator Edward J. Kasemeyer Prepaid College Trust established under this subtitle; (2) The Maryland Senator Edward J. Kasemeyer College Investment Plan established under Subtitle 19A of this title; (3) The Maryland Broker–Dealer College Investment Plan established under Subtitle 19B of this title; and (4) The Maryland […]
Section 18-1905 – Officers; Powers and Duties of Board
(a) The Board, from among the members of the Board, shall elect a chairman and may elect additional officers that the Board considers necessary. (b) The Board shall determine the times and places of meetings. (c) A member of the Board: (1) May not receive compensation; (2) Is entitled to reimbursement for expenses under the Standard State Travel Regulations; and […]
Section 18-1905.1 – Additional Duties — Marketing Plan to Increase Participation in Maryland 529
(a) (1) The Board shall develop and implement a marketing plan to increase participation in Maryland 529. (2) (i) The marketing plan shall identify methods to increase general participation in Maryland 529. (ii) The Board shall coordinate with the Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans and local school systems, respectively, to identify methods […]
Section 18-1906 – Comprehensive Investment Plan
(a) The Board shall adopt a comprehensive investment plan for the administration of the Trust. (b) The plan shall specify the investment policies used by the Board in the administration of the Trust. (c) Assets of the Trust shall be invested in accordance with the comprehensive investment plan. (d) The comprehensive investment plan must indicate the percentage of assets […]