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Ch. 494
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2000 LAWS OF MARYLAND
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(e) The Board shall allow the conversion of [an advance payment contract
plan from an existing purchaser's plan to any available plan] A PREPAID CONTRACT
FROM ONE TUITION PLAN OR PAYMENT OPTION TO A DIFFERENT TUITION PLAN OR
PAYMENT OPTION.
(F) THE BOARD SHALL ALLOW EXCESS PREPAID CONTRACT BENEFITS DUE TO
RECEIPT OF A SCHOLARSHIP, TUITION REMISSION, OR EARLY GRADUATION OF FROM
COLLEGE TO BE USED TOWARD THE PAYMENT OF OTHER QUALIFIED HIGHER
EDUCATION EXPENSES, AS SPECIFIED BY THE BOARD, AT AN ELIGIBLE INSTITUTION
OF HIGHER EDUCATION.
(G) THE BOARD SHALL ALLOW THE TRANSFER OF FUNDS FROM THE
PROGRAM TO ANY OTHER QUALIFIED STATE TUITION PROGRAM OR FROM ANY
OTHER QUALIFIED STATE TUITION PROGRAM TO THE PROGRAM, IN ACCORDANCE
WITH FEDERAL LAW.
(H) THE BOARD SHALL SET PROCEDURES TO ENSURE THAT CONTRIBUTIONS
TO THE PROGRAM PLUS CONTRIBUTIONS OR PAYMENTS TO OTHER QUALIFIED
STATE TUITION PROGRAMS DO NOT EXCEED A TOTAL MAXIMUM AMOUNT
DETERMINED BY § 529 OF THE INTERNAL REVENUE CODE FOR CONTRIBUTIONS TO
MULTIPLE QUALIFIED STATE TUITION PROGRAMS.
18-1910.
(a) (1) The Board shall issue refunds as specified in this section.
(2) Unless authorized [under regulations of] BY the Board or under
subsection (b) of this section, a refund may not exceed the amount paid into the
Program by the purchaser.
(b) A refund equal to the same benefits as provided by the PREPAID contract,
minus any amount paid out of the funds of the Program on behalf of the qualified
beneficiary and for reasonable administrative charges, shall be made if the
beneficiary:
(1) Is GRADUATES EARLY FROM COLLEGE OR IS awarded a scholarship
or tuition remission that covers benefits provided under the [higher education
investment] PREPAID contract; or
(2) Dies or suffers from a disability which prevents the beneficiary from
attending an institution of higher education within the time allowed by this subtitle.
(c) (1) A discounted refund of the contributions made to the Program, as
determined by the Board, shall be made if:
(i) The beneficiary does not attend an institution of higher
education;
(ii) Benefits are not exercised under the contract within a time
specified in the contract; or
(iii) The PREPAID contract is canceled by the purchaser.
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- 2638 -
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