PARRIS N. GLENDENING, Governor                                  Ch. 89

(1) THE AMOUNT OF EACH PAYMENT AND THE NUMBER OF PAYMENTS
REQUIRED FROM A PURCHASER;

(2) THE TERMS AND CONDITIONS UNDER WHICH PURCHASERS SHALL
REMIT PAYMENTS, INCLUDING THE DATES OF THE PAYMENTS;

(3)      PROVISIONS FOR LATE PAYMENT CHARGES AND DEFAULTS;

(4)      PENALTIES FOR EARLY WITHDRAWAL FROM THE FUND;

(5)      THE NAME AND DATE OF BIRTH OF THE QUALIFIED BENEFICIARY
ON WHOSE BEHALF THE CONTRACT IS MADE;

(6)      TERMS AND CONDITIONS FOR A SUBSTITUTION FOR THE QUALIFIED
BENEFICIARY ORIGINALLY NAMED;

(7) TERMS AND CONDITIONS FOR THE TERMINATION OF THE
CONTRACT;

(8)      THE TIME PERIOD DURING WHICH THE QUALIFIED BENEFICIARY
MAY CLAIM BENEFITS FROM THE FUND;

(9)      THE NUMBER OF UNDERGRADUATE SEMESTER HOURS OR TERMS
THAT ARE PREPAID UNDER THE CONTRACT;

(10) THE NAME OF THE INSTITUTION AT WHICH BENEFITS MAY BE PAID;

(11) ALL OTHER RIGHTS AND OBLIGATIONS OF THE PURCHASER AND
THE FUND; AND

(12) ANY OTHER TERMS AND CONDITIONS THAT THE BOARD CONSIDERS
NECESSARY OR APPROPRIATE.

(D) THE BOARD:

(1) MAY PROVIDE PREPAID TUITION CONTRACTS FOR PARTIAL FUTURE
EDUCATION COSTS; AND

(2) SHALL ALLOW THE CONVERSION OF AN ADVANCE PAYMENT
CONTRACT PLAN FROM AN ELIGIBLE INSTITUTION TO ANOTHER ELIGIBLE
INSTITUTION.

18-2108.

(A)    (1) THE BOARD SHALL ISSUE REFUNDS AS SPECIFIED IN THIS SECTION.

(2) UNLESS AUTHORIZED UNDER REGULATIONS OF THE BOARD OR
UNDER SUBSECTION (B) OF THIS SECTION, A REFUND MAY NOT EXCEED THE
AMOUNT PAID INTO THE FUND BY THE PURCHASER.

(B)     A REFUND OF THE AMOUNT PAID UNDER A PREPAID TUITION CONTRACT,
MINUS ANY AMOUNT PAID OUT OF THE FUND ON BEHALF OF THE QUALIFIED
BENEFICIARY, SHALL BE MADE WITH INTEREST AT A RATE SET BY THE BOARD IF
THE BENEFICIARY:                   

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