Ch. 89

1996 LAWS OF MARYLAND

(H) MAY RELEASE INFORMATION TO AN ELIGIBLE INSTITUTION
DESIGNATED IN A PREPAID TUITION CONTRACT IN ACCORDANCE WITH
REGULATIONS OF THE MARYLAND HIGHER EDUCATION TUITION TRUST FUND
BOARD.
SECTION 2. AND BE IT FURTHER ENACTED, That, for Fiscal Year 1998, the
Governor shall include in the State budget an appropriation for the Maryland Higher
Education Commission for the administrative and start up costs for the Maryland Higher
Education Tuition Trust Fund.

SECTION 3. AND BE IT FURTHER ENACTED, That the terms of the initial
members of the Maryland Higher Education Tuition Trust Fund Board shall expire as
follows:

(1)    two members in 1999;

(2)    two members in 2000;

(3)    two members in 2001; and

(4)    three members in 2002.

SECTION 1. AND BE IT FURTHER ENACTED, That, before entering a prepaid
tuition contract, the Maryland Higher Education Tuition Trust Fund Board shall solicit
opinion letters from:

(1) the United States Internal Revenue Service, concerning the tax status of
fees paid pursuant to a prepaid tuition contract; and

(2) the United States Securities Exchange Commission, concerning the
application of federal security laws to the Maryland Higher Education Tuition Trust
Fund.

Preamble

WHEREAS. Educational opportunity at the postsecondary level is a critical State
interest; and

WHEREAS. Educational opportunity often is best ensured through the State's
institutions of higher education that are geographically and financially accessible; and

WHEREAS. The cost of postsecondary education has escalated and constitutes a
substantial barrier for many families seeking to finance postsecondary education; and

WHEREAS. It is in the State's interest to assist families in planning for
postsecondary education to meet both the individual's and State's future needs; now,
therefore.

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

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