Ch. 381

2003 LAWS OF MARYLAND

Chapter 111 of the Acts of the General Assembly of 1997, as amended by

Chapter 494 of the Acts of the General Assembly of 2000
Section 5

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Education

18-1901.

(a)     In this subtitle the following words have the meanings indicated.

(b)     "Board" means the [Maryland Higher Education Investment Board]
COLLEGE SAVINGS PLANS OF MARYLAND BOARD.

(c)      "Current prepaid contract obligations" means the scheduled payments due
for the next fiscal year under existing prepaid contracts.

(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.

(e)     "Prepaid contract" means a contract between the Board and [a purchaser]
AN ACCOUNT HOLDER under the provisions of this subtitle for the advance payment
of qualified higher education expenses by the [purchaser] ACCOUNT HOLDER 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 amount of cash and cash
equivalents held by the [Program] TRUST plus the fair market value of other assets
of the [Program] TRUST.

(g)     "Plan" means the Maryland College Investment Plan established under
Subtitle 19A of this title.

(h) "Program" means the [Maryland Prepaid College Trust established under
this subtitle] COLLEGE SAVINGS PLANS OF MARYLAND.

(i) ["Purchaser"] "ACCOUNT HOLDER" means an individual who:

(1)     Makes or undertakes the obligation to make advance payments of
qualified higher education expenses as provided under a 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] ACCOUNT
HOLDER enters into a prepaid contract.

(j) "Qualified beneficiary" means an individual who:

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