PARRIS N. GLENDENING, Governor

H.B. 368

requirements of the Board; specifying the powers and duties of the Board;
establishing a Prepaid Higher Education Expense Trust Fund; specifying
requirements for the administration and use of the Fund; requiring the Board to
adopt a comprehensive investment plan; allowing the Board to establish a certain
organization to receive, hold, invest, and administer property and to make
expenditures for certain purposes; providing that certain books, records, and
accounts are subject to audit by the Legislative Auditor; requiring the establishment
of certain advance payment contracts; specifying that the cost of an advance
payment contract be based on certain criteria; specifying and authorizing certain
requirements concerning advance payment contracts; providing that neither this Act
nor an advance payment contract assures certain guarantees; specifying certain
requirements concerning contract refunds; providing exclusions from certain laws;
limiting disclosure of certain information; prohibiting the seizure of certain benefits
or assets of the Fund; requiring certain reports; requiring the State to meet certain
obligations; requiring the Governor to include certain appropriations in the State
budget; specifying certain requirements if the Program is discontinued; requiring
the Board to seek certain rulings; defining certain terms; and generally relating to
the establishment and operation of a Prepaid Higher Education Expense Program.

FOR the purpose of establishing a Task Force on the Maryland Prepaid Tuition Savings
Program; specifying the membership, duties, and staffing of the Task Force;
requiring the Task Force to issue a certain report by a certain date; requiring the
disbanding of the Task Force by a certain date; providing for the effective date of
this Act; and generally relating to the Task Force on the Maryland Prepaid Tuition
Savings Program.

BY repealing and reenacting, with amendments,
Article—Education
Section 11-105(h)(1)
Annotated Code of Maryland
(1992 Replacement Volume and 1995 Supplement)

BY adding to

Article—Education

Section 18-2101 through 18-2116, inclusive, to be under the new subtitle "Subtitle

21. Prepaid Higher Education Expense Program"
Annotated Code of Maryland
(1992 Replacement Volume and 1995 Supplement)

BY adding to

Article—State Government

Section 10-616(m)

Annotated Code of Maryland

(1993 Replacement Volume and 1995 Supplement)

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

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