(a) In this subtitle the following words have the meanings indicated. (b) “Account holder” means the person who established an investment account on behalf of a qualified designated beneficiary. (c) “Board” means the Maryland 529 Board established under § 18–1904 of this title. (d) “Broker–Dealer Plan” means the Maryland Broker–Dealer College Investment Plan established under this subtitle. (e) “Eligible educational […]
(a) The Board may establish a Maryland Broker–Dealer College Investment Plan. (b) The purpose of the Broker–Dealer Plan is to provide for a broker–dealer distributed vehicle that would allow contributions to an investment account established for the purposes of meeting the qualified higher education expenses of the qualified designated beneficiary of the account. (c) (1) The Board shall administer, […]
(a) (1) The Board may issue requests for proposals to evaluate and determine the means for the administration, management, promotion, or marketing of the Broker–Dealer Plan. (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 Broker–Dealer Plan; (ii) Ability to […]
(a) A Maryland resident or, at the Board’s discretion, a nonresident of Maryland may participate in and benefit from the Broker–Dealer Plan. (b) Distributions shall be requested by the account holder.
(a) (1) The debts, contracts, and obligations of the Broker–Dealer Plan 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 cannot directly or […]
(a) The Board, the Broker–Dealer Plan, and the investment accounts issued under this subtitle are not subject to the provisions of the Insurance Article. (b) The assets and income of the Maryland Broker–Dealer College Investment Plan are exempt from State and local taxation.
(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 investment account or any asset of the Broker–Dealer Plan.
(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.
