Ch. 110

1997 LAWS OF MARYLAND

18-1911. 18-1913.

A PERSON MAY NOT ATTACH, EXECUTE, GARNISH, OR OTHERWISE SEIZE ANY
CURRENT OR FUTURE BENEFIT UNDER A PREPAID TUITION HIGHER EDUCATION
INVESTMENT CONTRACT OR ANY ASSET OF THE PROGRAM

18-1912. 18-1914.

(A) NOTHING IN THIS SUBTITLE OR IN ANY PREPAID TUITION HIGHER
EDUCATION INVESTMENT CONTRACT MAY BE CONSTRUED AS A PROMISE OR
GUARANTEE BY THE BOARD OF ADMISSION TO, CONTINUED ENROLLMENT AT, OR
GRADUATION FROM A PUBLIC AN INSTITUTION OF HIGHER EDUCATION IN THE
STATE

(B) THE ACTUAL TUITION BATE CHARGED TO A QUALIFIED BENEFICIARY SHALL
BE DETERMINED AT THE TIME OF ENROLLMENT IN ACCORDANCE WITH THE RESIDENCY
POLICY ADOPTED BY THE GOVERNING BOARD OF THE INSTITUTION OF HIGHER
EDUCATION AT WHICH THE QUALIFIED BENEFICIARY ENROLLS.

18-1913. 18-1915.

THE STATE AND ITS AGENCIES OR ANY LOCAL GOVERNMENT IN THE STATE
MAY AGREE, BY CONTRACT OR OTHERWISE, TO REMIT PAYMENTS ON BEHALF OF
AN EMPLOYEE TOWARD A PREPAID TUITION HIGHER EDUCATION INVESTMENT
CONTRACT THROUGH PAYROLL DEDUCTIONS.

18-1914. 18-1916.

(A) (1) THE LEGISLATIVE AUDITOR SHALL AUDIT THE PROGRAM
ANNUALLY.

(2) THE BOARD SHALL PAY FOR THE AUDIT.

(B) (1) WITHIN 90 DAYS AFTER THE CLOSE OF EACH FISCAL YEAR, THE
BOARD SHALL SUBMIT TO THE GOVERNOR AND, SUBJECT TO § 2-1312 OF THE STATE
GOVERNMENT ARTICLE, TO THE GENERAL ASSEMBLY A REPORT INCLUDING:

(I) THE LEGISLATIVE AUDIT;

(II) A FINANCIAL ACCOUNTING OF THE PROGRAM, INCLUDING:

1. THE ANNUAL REVIEW OF THE COMPREHENSIVE
INVESTMENT PLAN; WHICH SHALL INCLUDE:

A. THE STATUS OF THE INVESTMENT PROGRAM. INCLUDING
INVESTMENT INCOME MATCHED TO PROJECTED ENROLLMENT COSTS UNDER THE
EXISTING CONTRACT;

B. THE ASSETS HELD IN EACH CLASS OF INVESTMENT, THE
AMOUNT OF FUNDS HELD IN ANY CASH POOL THE AMOUNT OF FUNDS HELD IN FIXED
ASSETS INVESTMENTS, AND THE AMOUNT OF FUNDS HELD IN EQUITY INVESTMENTS;

C. THE PERCENTAGE AND DOLLAR VALUE OF ASSETS PLACED
WITH OUTSIDE MANAGERS;

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