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Ch. 110
1997 LAWS OF MARYLAND
(C) (D) EACH PREPAID TUITION HIGHER EDUCATION INVESTMENT
CONTRACT MADE UNDER THE PROVISIONS OF THIS SUBTITLE SHALL INCLUDE THE
FOLLOWING PROVISIONS:
(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 PROGRAM;
(5) THE AMOUNT AND TERMS OF ANY ADMINISTRATIVE FEES WHICH MUST
BE PAID BY THE PURCHASER OR THE BENEFICIARY;
(5) (6) THE NAME AND DATE OF BIRTH OF THE QUALIFIED
BENEFICIARY ON WHOSE BEHALF THE CONTRACT IS MADE;
(6) (7) TERMS AND CONDITIONS FOR A SUBSTITUTION FOR THE
QUALIFIED BENEFICIARY ORIGINALLY NAMED;
(7) (8) TERMS AND CONDITIONS FOR THE TERMINATION OF THE
CONTRACT;
(8) (9) THE TIME PERIOD DURING WHICH THE QUALIFIED
BENEFICIARY MAY CLAIM BENEFITS FROM THE PROGRAM;
(9) (10) THE MAXIMUM NUMBER OF UNDERGRADUATE SEMESTER
HOURS THAT ARE PREPAID UNDER THE CONTRACT; CONTRACT. BASED ON
IN-STATE TUITION AT A PUBLIC INSTITUTION OF HIGHER EDUCATION IN THE
STATE:
(10) (11) ALL OTHER RIGHTS AND OBLIGATIONS OF THE PURCHASER
AND THE PROGRAM; AND
(12) THE FOLLOWING NOTICE SHALL BE PRINTED ON EACH CONTRACT IN
AT LEAST 10-POINT TYPE: THIS CONTRACT IS NOT AN OBLIGATION OF THE STATE AND
NEITHER THE FAITH AND CREDIT NOR TAXING POWER OF THE STATE IS PLEDGED
DIRECTLY OR INDIRECTLY OR CONTINGENTLY MORALLY OR OTHERWISE, TO THE
PAYMENT OF THIS CONTRACT THE BOARD CANNOT DIRECTLY OR INDIRECTLY OR
CONTINGENTLY OBLIGATE MORALLY OR OTHERWISE THE STATE TO LEVY OR PLEDGE
ANY FORM OF TAXATION WHATSOEVER OR TO MAKE ANY APPROPRIATION FOR THE
PAYMENT OF THIS CONTRACT; AND
(11) (13) ANY OTHER TERMS AND CONDITIONS THAT THE BOARD
CONSIDERS NECESSARY OR APPROPRIATE.
(D) (E) THE BOARD SHALL ALLOW THE CONVERSION OF AN ADVANCE
PAYMENT CONTRACT PLAN FROM A COMMUNITY COLLEGE PLAN TO A TWO PLUS
TWO PLAN OR A UNIVERSITY PLAN; FROM A UNIVERSITY PLAN TO A COMMUNITY
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