PARRIS N. GLENDENING, Governor

Ch. 110

(VII) THE BOARD OF THE MARYLAND PREPAID TUITION HIGHER
EDUCATION INVESTMENT PROGRAM.

SUBTITLE 19. MARYLAND PREPAID TUITION HIGHER EDUCATION INVESTMENT

PROGRAM.

18-1901.

(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B) "BOARD" MEANS THE BOARD OF THE MARYLAND PREPAID TUITION
HIGHER EDUCATION INVESTMENT PROGRAM

(C) "PROGRAM" MEANS THE MARYLAND PREPAID TUITION HIGHER
EDUCATION INVESTMENT PROGRAM.

(D) "PREPAID TUITION 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
TUITION AT A FIXED AND GUARANTEED LEVEL BY THE PURCHASER FOR A
QUALIFIED BENEFICIARY TO ATTEND A PUBLIC AN INSTITUTION OF HIGHER
EDUCATION IN THE STATE, IF THE QUALIFIED BENEFICIARY IS ADMITTED TO THE
INSTITUTION.

(E) "PURCHASER" MEANS AN INDIVIDUAL WHO WHO:

(1) MAKES OR UNDERTAKES THE OBLIGATION TO MAKE ADVANCE
PAYMENTS OF UNDERGRADUATE TUITION AS PROVIDED UNDER A PREPAID
TUITION CONTRACT. HIGHER EDUCATION INVESTMENT CONTRACT; AND

(2) EXCEPT AS PROVIDED IN SUBSECTION (G) OF THIS SECTION
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) "QUALIFIED BENEFICIARY" MEANS AN INDIVIDUAL WHO IS:

(1) IS ELIGIBLE TO APPLY ADVANCE TUITION PAYMENTS TO
UNDERGRADUATE TUITION AT A PUBLIC AN INSTITUTION OF HIGHER EDUCATION
IN THE STATE UNDER THE PROVISIONS OF THIS SUBTITLE; AND

(2) EXCEPT AS PROVIDED IN SUBSECTION (G) OF THIS SECTION §
18-1909(B) OF THIS SUBTITLE, IS A RESIDENT OF THE STATE AT THE TIME THAT THE
PURCHASER ENTERS INTO A PREPAID TUITION HIGHER EDUCATION INVESTMENT
CONTRACT.

(G) EITHER THE PURCHASER OR THE BENEFICIARY MUST BE A RESIDENT OF
MARYLAND AT THE TIME THAT THE PURCHASER ENTERS INTO A HIGHER
EDUCATION INVESTMENT CONTRACT.

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