(As enacted by Chapter 110 of the Acts of the General Assembly of 1997)

BY repealing and reenacting, with amendments,
Article - Education

Section 18-1902 through 18-1904, 18-1909, 18-1910, and 18-1914

Annotated Code of Maryland

(1997 Replacement Volume and 1998 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Education

18-1901.

(a) In this subtitle the following words have the meanings indicated.

(b) "Board" means the Board of the Maryland Higher Education Investment
Program.

(c) ["Program" means the Maryland Higher Education Investment Program.]
"ELIGIBLE INSTITUTION" MEANS AN DESTITUTION OF HIGHER EDUCATION THAT IS
ELIGIBLE TO PARTICIPATE IN FEDERAL FINANCIAL AID PROGRAMS. "ELIGIBLE
INSTITUTION OF HIGHER EDUCATION" MEANS AN INSTITUTION OF HIGHER
EDUCATION THAT:

(1) OFFERS AN ASSOCIATE, BACHELOR OR GRADUATE DEGREE
PROGRAM; AND

(2) IS ELIGIBLE TO PARTICIPATE IN FEDERAL FINANCIAL AID
PROGRAMS.

(d) "Higher education investment contract" means a contract between the
Board and a purchaser under the provisions of this subtitle for the advance payment
of undergraduate OR GRADUATE tuition at a fixed and guaranteed level by the
purchaser for a qualified beneficiary to attend an ELIGIBLE institution of higher
education [in the State], if the qualified beneficiary is admitted to the institution.

(e) "PROGRAM" MEANS THE MARYLAND HIGHER EDUCATION INVESTMENT
PROGRAM.

(F) "Purchaser" means an individual who:

(1) Makes or undertakes the obligation to make advance payments of
undergraduate OR GRADUATE tuition as provided under a higher education
investment contract; and

(2) Except as provided in § 18-1909(b) of this subtitle, is a resident of
Maryland at the time that the purchaser enters into a higher education investment
contract.

[(f)] (G) "Qualified beneficiary" means an individual who: