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S.B. 140
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VETOES
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BY repealing and reenacting, with amendments,
Chapter 110 of the Acts of the General Assembly of 1997
Section 5
BY repealing and reenacting, with amendments,
Chapter 111 of the Acts of the General Assembly of 1997
Section 5
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Education
Subtitle 19. Maryland [Higher Education Investment Program] PREPAID. COLLEGE
TRUST.
18-1901.
(a) In this subtitle the following words have the meanings indicated.
(b) "Board" means the [Board of the] Maryland Higher Education Investment
[Program] BOARD.
(C) "CURRENT PREPAID CONTRACT OBLIGATIONS" MEANS THE SCHEDULED
PAYMENTS DUE FOR THE NEXT FISCAL YEAR UNDER EXISTING PREPAID CONTRACTS.
[(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:
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