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S.B. 140
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PARRIS N. GLENDENING, Governor
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(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.
[(h)] (M) "Tuition" means the charges imposed by an eligible institution of
higher education for enrollment at the institution and includes registration and all
fees required as a condition of enrollment.
18-1903.
(a) There is a Maryland [Higher Education Investment Program] PREPAID
COLLEGE TRUST.
(b) The purpose of the Program is to provide:
(1) A means for payment of the cost of tuition in advance of enrollment at
an eligible institution of higher education; and
(2) An assurance to a beneficiary who enrolls at an eligible institution of
higher education that the Board shall make every effort to invest the advance
payments so that the [higher education investment] PREPAID contract will cover the
average in-state tuition costs at public institutions of higher education in the State at
the time that the benefits are exercised.
(c) The funds of the Program consist of:
(1) Payments received from [higher education investment] PREPAID
contracts made under the provisions of this subtitle;
(2) Bequests, endowments, or funds from any other available private
source;
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- 3615 -
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