ROBERT L. EHRLICH, JR., Governor                             Ch. 382

(6)     The name and date of birth of the qualified beneficiary on whose
behalf the contract is made;

(7)     Terms and conditions for a substitution for the qualified beneficiary
originally named;

(8)     Terms and conditions for the termination of the prepaid contract;

(9)     The time period during which the qualified beneficiary may claim
benefits from the [Program] TRUST;

(10)   The maximum number of undergraduate semester hours that are
prepaid under the prepaid contract, based on in-State tuition at a public institution of
higher education in the State;

(11)   All other rights and obligations of the [purchaser] ACCOUNT
HOLDER and the [Program] TRUST; and

(12)   Any other terms and conditions that the Board considers necessary or
appropriate.

(e)     The Board shall allow the conversion of a prepaid contract from one tuition
plan or payment option to a different tuition plan or payment option.

(f)      The Board shall allow excess prepaid contract benefits due to receipt of a
scholarship, tuition remission, or early graduation from college to be used toward the
payment of other qualified higher education expenses, as specified by the Board, at
an eligible institution of higher education.

(g)     The Board shall allow the transfer of funds from the [Program] TRUST to
any other qualified State tuition program or from any other qualified State tuition
program to the [Program] TRUST, in accordance with federal law.

(h) The Board shall set procedures to ensure that contributions to the
[Program] TRUST plus contributions or payments to other qualified State tuition
programs do not exceed a total maximum amount determined by § 529 of the Internal
Revenue Code for contributions to multiple qualified State tuition programs.

18-1910.

(a)     (1) The Board shall issue refunds as specified in this section.

(2) Unless authorized by the Board or under subsection (b) of this
section, a refund may not exceed the amount paid into the [Program] TRUST by the
[purchaser] ACCOUNT HOLDER.

(b)     A refund equal to the same benefits as provided by the prepaid contract,
minus any amount paid out of the funds of the [Program] TRUST on behalf of the
qualified beneficiary and for reasonable administrative charges, shall be made if the
beneficiary:

(1) Graduates early from college or is awarded a scholarship or tuition
remission that covers benefits provided under the prepaid contract; or

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