Archives of Maryland, Volume 0797, Page 2641

Session Laws, 2000



		PARRIS N. GLENDENING, Governor		Ch. 494


		18-19A-01. (A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS INDICATED. (B) "BOARD" MEANS THE MARYLAND HIGHER EDUCATION INVESTMENT BOARD ESTABLISHED UNDER § 18-1904 OF THIS TITLE. (C) "CONTRIBUTOR" MEANS THE PERSON WHO ESTABLISHES ~~A COLLEGE~~ AN INVESTMENT PLAN- ACCOUNT ON BEHALF OF A QUALIFIED DESIGNATED BENEFICIARY. (D) "ELIGIBLE EDUCATIONAL INSTITUTION" HAS THE MEANING STATED IN § 529(E) OF THE INTERNAL REVENUE CODE. (E) "INVESTMENT ACCOUNT" MEANS AN ACCOUNT ESTABLISHED BY A CONTRIBUTOR UNDER THIS SUBTITLE ON BEHALF OF A QUALIFIED DESIGNATED BENEFICIARY FOR THE PURPOSE OF APPLYING DISTRIBUTIONS TOWARD QUALIFIED HIGHER EDUCATION EXPENSES AT ELIGIBLE EDUCATIONAL INSTITUTIONS. (F) "QUALIFIED DESIGNATED BENEFICIARY" HAS THE MEANING STATED IN § 529(E) OF THE INTERNAL REVENUE CODE. (G) "QUALIFIED HIGHER EDUCATION EXPENSES" HAS THE MEANING STATED IN § 529(E) OF THE INTERNAL REVENUE CODE. (H) "QUALIFIED STATE TUITION PROGRAM" HAS THE MEANING STATED IN § 529 OF THE INTERNAL REVENUE CODE. (I) "PLAN" MEANS THE MARYLAND COLLEGE INVESTMENT PLAN ESTABLISHED UNDER THIS SUBTITLE. 18-19A-02. (A) THERE IS A MARYLAND COLLEGE INVESTMENT PLAN. (B) THE PURPOSE OF THE ~~MARYLAND COLLEGE INVESTMENT~~ PLAN IS TO ALLOW CONTRIBUTIONS TO AN INVESTMENT ACCOUNT ESTABLISHED FOR THE PURPOSES OF MEETING THE QUALIFIED HIGHER EDUCATION EXPENSES OF THE QUALIFIED DESIGNATED BENEFICIARY OF THE ACCOUNT. (C) (1) THE BOARD SHALL ADMINISTER, MANAGE, PROMOTE, AND MARKET THE ~~MARYLAND COLLEGE INVESTMENT~~ PLAN. (2) THE BOARD SHALL ADMINISTER THE MARYLAND COLLEGE INVESTMENT PLAN IN COMPLIANCE WITH INTERNAL REVENUE SERVICE STANDARDS FOR QUALIFIED STATE TUITION PROGRAMS. (D) THE BOARD SHALL ADOPT PROCEDURES THAT THE BOARD CONSIDERS NECESSARY TO CARRY OUT THE PROVISIONS OF THIS SUBTITLE. (E) THE BOARD SHALL ADOPT PROCEDURES RELATING TO: (1) APPLICATION PROCEDURES FOR PARTICIPATION IN THE PLAN;

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Session Laws, 2000

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