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PARRIS N. GLENDENING, Governor
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S.B. 140
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(III) ABILITY TO MARKET THE PLAN TO MARYLAND RESIDENTS;
(IV) ABILITY TO MARKET THE PLAN TO NONRESIDENTS OF
MARYLAND; AND
(V) ABILITY TO COORDINATE THE PLAN WITH OTHER PROGRAMS
OR INFORMATIONAL SERVICES CONSIDERED BENEFICIAL BY THE BOARD,
INCLUDING THE MARYLAND PREPAID COLLEGE TRUST ESTABLISHED UNDER
SUBTITLE 19 OF THIS TITLE.
(B) (1) THE BOARD MAY REQUIRE AN INITIAL APPLICATION FEE TO BE USED
FOR ADMINISTRATIVE COSTS OF THE PLAN.
(2) THE BOARD MAY REQUIRE ADDITIONAL FEES ASSOCIATED WITH THE
EXPENSES OF THE PLAN.
(C) (1) CONTRIBUTIONS TO THE PLAN ON BEHALF OF A QUALIFIED
DESIGNATED BENEFICIARY MAY NOT EXCEED THE MAXIMUM AMOUNT DETERMINED
BY THE BOARD TO BE IN ACCORDANCE WITH § 529 OF THE INTERNAL REVENUE
CODE.
(2) CONTRIBUTIONS TO THE PLAN MAY BE MADE ONLY IN CASH OR
CASH EQUIVALENT.
(3) THE PLAN SHALL INCLUDE PROVISIONS FOR AUTOMATIC
CONTRIBUTIONS.
(D) THE BOARD SHALL SET ADOPT PROCEDURES TO ENSURE THAT
CONTRIBUTIONS TO THE PLAN PLUS CONTRIBUTIONS OR PAYMENTS TO OTHER
QUALIFIED STATE TUITION PROGRAMS DO NOT EXCEED A TOTAL MAXIMUM AMOUNT
DETERMINED UNDER § 529 OF THE INTERNAL REVENUE CODE FOR CONTRIBUTIONS
TO MULTIPLE QUALIFIED STATE TUITION PROGRAMS.
(E) (1) THE MARYLAND COLLEGE INVESTMENT PLAN:
(I) SHALL BE ESTABLISHED IN THE FORM DETERMINED BY THE
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BOARD; AND
BOARD.
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(II) MAY BE ESTABLISHED AS A TRUST TO BE DECLARED BY THE
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(2) THE PLAN MAY BE DIVIDED INTO MULTIPLE INVESTMENT
PORTFOLIOS.
(3) IF THE PLAN IS DIVIDED INTO MULTIPLE PORTFOLIOS AS PROVIDED
IN PARAGRAPH (2) OF THIS SUBSECTION, THE DEBTS, LIABILITIES, OBLIGATIONS,
AND EXPENSES INCURRED, CONTRACTED FOR, OR OTHERWISE EXISTING WITH
RESPECT TO A PARTICULAR PORTFOLIO SHALL BE ENFORCEABLE AGAINST THE
ASSETS OF THAT PORTFOLIO ONLY AND NOT AGAINST THE ASSETS OF THE PLAN
GENERALLY, IF:
(I) DISTINCT RECORDS ARE MAINTAINED FOR EACH PORTFOLIO;
AND
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- 3629 -
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