PARRIS N. GLENDENING, Governor

Ch. Ill

(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 § 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 § 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) "TUITION" MEANS THE CHARGES IMPOSED BY A PUBLIC AN INSTITUTION
OF HIGHER EDUCATION IN THE STATE FOR ENROLLMENT AT THE INSTITUTION AND
INCLUDES REGISTRATION AND ALL FEES REQUIRED AS A CONDITION OF
ENROLLMENT.

18-1902.

IT IS THE INTENT OF THE GENERAL ASSEMBLY TO ENHANCE THE
ACCESSIBILITY AND AFFORD ABILITY OF HIGHER EDUCATION FOR ALL CITIZENS OF
THE STATE BY ESTABLISHING A METHOD TO PROVIDE FOR THE PREPAYMENT OF
TUITION AT THE PUBLIC INSTITUTIONS OF HIGHER EDUCATION IN THE STATE

18-1903.

(A) THERE IS A MARYLAND PREPAID TUITION HIGHER EDUCATION
INVESTMENT PROGRAM

(B) THE PURPOSE OF THE PROGRAM IS TO PROVIDE:

(1) A MEANS FOR PAYMENT OF THE COST OF TUITION IN ADVANCE OF
ENROLLMENT AT ANY PUBLIC INSTITUTION OF HIGHER EDUCATION IN THE STATE;
AND

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