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Ch. 494
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2000 LAWS OF MARYLAND
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[(c)] (D) "Eligible institution of higher education" means an institution of
higher education that:
(1) Offers an associate, bachelor, or graduate degree program; and
(2) Is eligible to participate in federal financial aid programs.
[(d)] (E) "[Higher education investment] PREPAID contract" means a contract
between the Board and a purchaser under the provisions of this subtitle for the
advance payment of [undergraduate or graduate tuition at a fixed and guaranteed
level] QUALIFIED HIGHER EDUCATION EXPENSES by the purchaser for a qualified
beneficiary to attend an eligible institution of higher education, if the qualified
beneficiary is admitted to the institution.
(F) "MARKET VALUE OF PROGRAM ASSETS" MEANS THE FAIR MARKET VALUE
AMOUNT OF THE ASSETS OF THE PROGRAM PLUS THE CASH AND CASH
EQUIVALENTS HELD BY THE PROGRAM PLUS THE FAIR MARKET VALUE OF OTHER
ASSETS OF THE PROGRAM.
(G) "PLAN" MEANS THE MARYLAND COLLEGE INVESTMENT PLAN
ESTABLISHED UNDER SUBTITLE 19A OF THIS TITLE.
[(e)] (H) "Program" means the Maryland [Higher Education Investment
Program] PREPAID COLLEGE TRUST ESTABLISHED UNDER THIS SUBTITLE.
[(f)] (I) "Purchaser" means an individual who:
(1) Makes or undertakes the obligation to make advance payments of
undergraduate or graduate tuition QUALIFIED HIGHER EDUCATION EXPENSES as
provided under a [higher education investment] PREPAID contract; and
(2) Except as provided in § 18-1909(b) of this subtitle, is a resident of
Maryland or of the District of Columbia at the time that the purchaser enters into a
[higher education investment] PREPAID contract.
[(g)] (J) "Qualified beneficiary" means an individual who:
(1) Is eligible to apply advance tuition payments OF QUALIFIED HIGHER
EDUCATION EXPENSES to undergraduate or graduate tuition QUALIFIED HIGHER
EDUCATION EXPENSES at an eligible institution of higher education under the
provisions of this subtitle; and
(2) Except as provided in § 18-1909(b) of this subtitle, is a resident of the
State or of the District of Columbia at the time that the purchaser enters into a
[higher education investment] PREPAID contract.
(K) "QUALIFIED HIGHER EDUCATION EXPENSES" HAS THE MEANING STATED
IN § 529(E) OF THE INTERNAL REVENUE CODE.
(L) "QUALIFIED STATE TUITION PROGRAM" HAS THE MEANING STATED IN §
529 OF THE INTERNAL REVENUE CODE.
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