PARRIS N. GLENDENING, Governor                               Ch. 89

(B) (1) WITHIN 90 DAYS AFTER THE CLOSE OF EACH FISCAL YEAR, THE
BOARD SHALL SUBMIT TO TIDE GOVERNOR, AND, SUBJECT TO § 2-1312 OF THE STATE
GOVERNMENT ARTICLE, TO THE GENERAL ASSEMBLY, A REPORT INCLUDING:

(I) THE LEGISLATIVE AUDIT;

(II) A FINANCIAL ACCOUNTING OF THE FUND, INCLUDING THE
ANNUAL REVIEW OF THE COMPREHENSIVE INVESTMENT PLAN;

(III) THE NUMBER OF PREPAID TUITION CONTRACTS ENTERED
INTO DURING THE PREVIOUS FISCAL YEAR;

(IV) EFFORTS BY THE BOARD IN MARKETING THE PROGRAM OF
PREPAID TUITION CONTRACTS; AND

(V) ANY RECOMMENDATIONS OF THE BOARD CONCERNING THE
OPERATION OF THE FUND.

(2) THE BOARD SHALL MAKE AVAILABLE TO EACH PURCHASER A COPY
OF A SUMMARY OF THE REPORT AND THE OPTION TO PURCHASE THE FULL REPORT
AT A NOMINAL CHARGE.

(C) (1) IF THE ANNUAL AUDIT AND ACCOUNTING REQUIRED UNDER THIS
SUBTITLE REVEAL THAT THERE ARE INSUFFICIENT FUNDS, THE STATE SHALL MEET
THE OBLIGATIONS OF THE BOARD TO THE QUALIFIED BENEFICIARIES.

(2) THE GOVERNOR SHALL INCLUDE IN THE STATE BUDGET AN
APPROPRIATION FROM THE GENERAL FUND TO MEET THE OBLIGATIONS OF THE
BOARD UNDER PREPAID TUITION CONTRACTS.

(D) (1) IF THE GENERAL ASSEMBLY DISCONTINUES THE PROGRAM, A
QUALIFIED BENEFICIARY WHO HAS BEEN ACCEPTED BY AN ELIGIBLE INSTITUTION
OR WHO IS WITHIN 5 YEARS OF ENROLLMENT AT AN ELIGIBLE INSTITUTION IS
ENTITLED TO EXERCISE THE BENEFITS IN ACCORDANCE WITH THE PREPAID
TUITION CONTRACT.

(2) OTHER CONTRACT HOLDERS SHALL RECEIVE A REFUND IN
ACCORDANCE WITH THE PREPAID TUITION CONTRACT PLUS INTEREST AT A RATE
DETERMINED BY THE BOARD.

Article—State Government

10-616.

(M) (1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, A CUSTODIAN
SHALL DENY INSPECTION OF ANY RECORD DISCLOSING THE NAME OF A
PURCHASER OR QUALIFIED BENEFICIARY OF A PREPAID TUITION CONTRACT
UNDER TITLE 18, SUBTITLE 21 OF THE EDUCATION ARTICLE.

(2) A CUSTODIAN:

(I) SHALL PERMIT INSPECTION BY A PERSON IN INTEREST; AND

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