reglab/statecodes huggingface dataset:
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 17 - Walter Sondheim Jr. Public Service Internship Scholarship Program › Section 18-1701 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    “Eligible student” means a junior, senior, or graduate student who attends an institution of higher education in the State.
(c)    “Internship” means a paid or an unpaid internship in the State with:
(1)    An organization, an institution, an association, a society, or a corporation that:
(i)    Is exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code of 1986; and
(ii)    Affords the student the opportunity to participate in and support management functions, including board governance, executive leadership, financial management, human resources, fundraising, or facilities management; or
(2)    The State or any local government in the State.
(d)    “Program” means the Walter Sondheim Jr. Public Service Internship Scholarship Program.
(e)    “Shriver Center” means the Shriver Center located at the University of Maryland, Baltimore County.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 17 - Walter Sondheim Jr. Public Service Internship Scholarship Program › Section 18-1702 - Program Established

(a)    There is a scholarship program known as the Walter Sondheim Jr. Public Service Internship Scholarship Program in the State.
(b)    The purpose of the Program is to assist college and graduate students to explore public service career opportunities through internships.
(c)    The Shriver Center shall administer the Program.
(d)    An institution of higher education in the State may nominate eligible students to participate in the Program on or before:
(1)    January 1 of each year for summer and fall internships; and
(2)    October 1 of each year for spring internships.
(e)    Priority for participation in the Program shall be given to an eligible student who:
(1)    Is a resident of the State;
(2)    Has demonstrated an interest in a career in public service; and
(3)    Assists in providing:
(i)    Legal services:
1.    To low–income residents in the State who cannot afford legal services; or
2.    In a public service position;
(ii)    Social work services to low–income residents in the State;
(iii)    Nursing services in nursing shortage areas in the State as defined in § 18–802 of this title; or
(iv)    Other services in the public or nonprofit sectors in which there is a shortage of qualified practitioners to low–income or underserved residents or areas of the State.
(f)    (1)    Subject to paragraph (2) of this subsection, for eligible students who have agreed to serve in a public service internship, the Shriver Center shall award scholarships on or before:
(i)    January 15 of each year for spring internships;
(ii)    May 1 of each year for summer internships; and
(iii)    August 1 of each year for fall internships.
(2)    Funds for the scholarships awarded under this subtitle shall be as provided in the State budget.
(g)    Subject to the availability of funds, the scholarship award under the Program shall be at least $2,000 and no more than $5,000.
(h)    The Shriver Center shall serve as a clearinghouse for public and nonprofit entities that wish to hire public service interns participating in the Program.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 17 - Walter Sondheim Jr. Public Service Internship Scholarship Program › Section 18-1703 - Adoption of Policies

(a)    The Shriver Center shall adopt policies to establish:
(1)    The criteria for eligibility in the Program;
(2)    A procedure and schedule for the payment of the scholarship award provided to an eligible student; and
(3)    A procedure for the repayment of the scholarship award if a student does not fulfill the internship requirements under the Program.
(b)    The Shriver Center shall adopt any other policies necessary to implement this subtitle.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 17 - Walter Sondheim Jr. Public Service Internship Scholarship Program › Section 18-1704 - Funding

(a)    Funds for the Program may be provided on an annual basis in the State budget.
(b)    The Governor may provide funding in the State budget to the Shriver Center to administer the Program.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 18 - Apprenticeship Incentive Program › Section 18-1801 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    “Grant” means an apprenticeship incentive grant that is awarded to an apprenticeship sponsor under this subtitle.
(c)    “Grant recipient” means a person or entity that receives a grant under this subtitle.
(d)    “Program” means the Apprenticeship Incentive Program.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 18 - Apprenticeship Incentive Program › Section 18-1802 - Program Established; Funds

(a)    The Maryland Department of Labor in collaboration with the State Superintendent of Schools and the Secretary of Higher Education may establish a program of school–to–work transition grants, to be known as the “Youth Apprenticeship Program”.
(b)    Funds for the program shall be as provided by the Governor in the annual budget.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 18 - Apprenticeship Incentive Program › Section 18-1803 - Grants

(a)    A grant may be awarded under this subtitle to:
(1)    An employer or consortium of employers;
(2)    An industrial trade association;
(3)    A trade union;
(4)    A registered apprenticeship sponsor; or
(5)    A combination of the entities specified in items (1) through (4) of this subsection.
(b)    A grant recipient shall use the grant in an apprenticeship training program that is:
(1)    A registered apprenticeship program approved by the Apprenticeship and Training Council within the Maryland Department of Labor;
(2)    A youth apprenticeship program approved by the State Superintendent of Schools that involves students attending the public schools of the State; or
(3)    A youth apprenticeship program approved by the Secretary of Juvenile Services that involves clients of the Department of Juvenile Services.
(c)    The Secretary of Labor may ensure that the youth apprenticeship programs approved under this subtitle:
(1)    Foster the expansion of structured, school–to–work transition programs that link secondary school applied learning experiences with:
(i)    Skilled, high wage, workplace jobs and professions; and
(ii)    Postsecondary technical and occupational work experiences;
(2)    Foster enrollment in apprenticeship programs that target youth, including general education degree recipients;
(3)    Foster enrollment of inexperienced, unskilled, first time hires in long–term programs leading to a credential in emerging, technology based occupations that are projected as high growth areas in the State economy; and
(4)    Support the development of competency based instructional programs that encompass secondary and postsecondary institutions and are based on specific skill standards that are identified by the industry through accepted models.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 18 - Apprenticeship Incentive Program › Section 18-1804 - Grant Proposals

(a)    The Maryland Department of Labor, after consultation with the Advisory Board and interested potential grant recipients, may establish guidelines for the review and evaluation of grant proposals and the selection of grant recipients.
(b)    (1)    During the month of January each year, the Maryland Department of Labor may issue a request for proposals inviting interested persons to submit grant proposals for participation in the program for the fiscal year that begins on July 1 of that year.
(2)    Grant proposals may be received and reviewed by the Department only during the period between the date of the issuance of the request for proposals under paragraph (1) of this subsection and May 31 of that year.
(c)    (1)    The Maryland Department of Labor may evaluate grant proposals on a competitive basis and shall approve only proposals that it determines are of high quality and likely to fulfill the goals and objectives of the program.
(2)    Following a review of all grant proposals received during the period specified under subsection (b) of this section, the Secretary of Labor may announce the grant recipients for the fiscal year that begins on July 1 of that year.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 18 - Apprenticeship Incentive Program › Section 18-1805 - Funding of Grants -- State Share

If a Youth Apprenticeship Program is established under the authority granted under this subtitle, the Secretary of Labor may:
(1)    Determine the amount that is needed to fund the grants awarded under this subtitle; and
(2)    Submit this information to the Department of Budget and Management for inclusion in the annual budget.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 18 - Apprenticeship Incentive Program › Section 18-1806 - Funding of Grants -- Matching Requirement

(a)    The Maryland Department of Labor may require that each grant recipient have a matching requirement for the amount of the grant that is awarded to the recipient under this subtitle.
(b)    The grant recipient may include in the amount that is calculated as its match under subsection (a) of this section the costs of personnel, equipment, and materials it incurs in the training program for the students it enrolls.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 18 - Apprenticeship Incentive Program › Section 18-1807 - Use of Grant Funds; Periodic Reports and Records

(a)    The grant recipient may use the grant for:
(1)    The development of competency based instructional programs that incorporate industry skills and that are based on generally accepted models within the industry;
(2)    The development of performance assessment systems that are tied to industry standards that demonstrate mastery of skills with a formal credential;
(3)    The coordination of work site and on–the–job training; and
(4)    To the extent not provided by the educational institution attended by the student or by any other entity, the costs of tuition, books, fees, and materials used in the training program.
(b)    Funds for the costs of the administration of the program shall be as provided by the Governor in the annual budget.
(c)    The grant recipient shall:
(1)    Submit periodic reports to the Secretary of Labor summarizing its activities under the program;
(2)    Meet and consult with the Secretary about the program; and
(3)    Make available to the Secretary for inspection, the recipient’s books, accounts, and other records associated with the program at such times as are mutually agreed upon by the parties.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 18 - Apprenticeship Incentive Program › Section 18-1808 - Youth Apprenticeship Program Advisory Board

(a)    The Maryland Department of Labor may establish a Youth Apprenticeship Program Advisory Board.
(b)    The Advisory Board shall include:
(1)    The Secretary of Labor;
(2)    The State Superintendent of Schools;
(3)    The Secretary of Higher Education;
(4)    The chair of the Maryland Business Roundtable, or the chair’s designee;
(5)    The President of the Maryland AFL–CIO, or the President’s designee;
(6)    The chair of the Maryland Apprenticeship and Training Council, or the chair’s designee;
(7)    The chair of the Partnership for Workforce Quality Advisory Board, or the chair’s designee;
(8)    The chair of the Vocational Education Advisory Council, or the chair’s designee;
(9)    The chair of the Governor’s Workforce Development Board, or the chair’s designee;
(10)    The chair of the Maryland Association of Community Colleges, or the chair’s designee;
(11)    One member of the Senate of Maryland, appointed by the President of the Senate; and
(12)    One member of the House of Delegates, appointed by the Speaker of the House.
(c)    The Advisory Board shall, from time to time, review the program and advise the Secretary of Labor, the State Superintendent of Schools, and the Secretary of Higher Education about matters regarding the program.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19 - Maryland 529 Program › Section 18-1902 - Policy Statement

It is the intent of the General Assembly to enhance the accessibility and affordability of higher education for all citizens of the State and for all citizens of the District of Columbia by establishing a method to provide for the prepayment of tuition at eligible institutions of higher education.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19 - Maryland 529 Program › Section 18-1902.1 - Maryland 529

(a)    There is a Program entitled Maryland 529.
(b)    The purpose of the Program is to provide for the administration by the Board of the Maryland Senator Edward J. Kasemeyer Prepaid College Trust, the Maryland Senator Edward J. Kasemeyer College Investment Plan, the Maryland Broker–Dealer College Investment Plan, and the Maryland ABLE Program.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19 - Maryland 529 Program › Section 18-1903 - Trust Established; Purpose; Funds

(a)    There is a Maryland Senator Edward J. Kasemeyer Prepaid College Trust.
(b)    The purpose of the Trust 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 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 Board shall administer the Trust in compliance with Internal Revenue Service standards for qualified State tuition programs.
(d)    The funds of the Trust consist of:
(1)    Payments received from prepaid contracts made under the provisions of this subtitle;
(2)    Bequests, endowments, or funds from any other available private source;
(3)    Interest and income earned from the investments of the Trust; and
(4)    Federal, State, or local funds, or funds from any other available public source.
(e)    Money remaining in the Trust at the end of the fiscal year shall remain in the Trust and may not revert to the General Fund of the State.
(f)    Money of the Trust may not be considered money of the State and may not be deposited into the Treasury.
(g)    Money of the Trust may not be considered money of the Maryland Senator Edward J. Kasemeyer College Investment Plan and may not be commingled with the Plan.
(h)    Money of the Trust may not be considered money of or be commingled with the Maryland Broker–Dealer College Investment Plan.
(i)    Money of the Trust may not be considered money of or be commingled with the Maryland ABLE Program.
(j)    (1)    The debts, contracts, and obligations of the Trust are not the contracts, debts, or obligations of the State and neither the faith and credit nor taxing power of the State is pledged directly or indirectly or contingently, morally or otherwise, to the payment of the debts, contracts, and obligations.
(2)    The Board cannot directly or indirectly or contingently obligate, morally or otherwise, the State to levy or pledge any form of taxation whatsoever for the debts and obligations of the Trust or to make any appropriation for the payment of the debts and obligations of the Trust.
(k)    Neither the State nor any eligible institution of higher education shall be liable for any losses or shortage of funds in the event that the Maryland Senator Edward J. Kasemeyer Prepaid College Trust is insufficient to meet the tuition requirements of an institution attended by the qualified beneficiary.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19 - Maryland 529 Program › Section 18-1904 - Maryland 529 Board

(a)    There is a Maryland 529 Board.
(b)    The Board shall administer:
(1)    The Maryland Senator Edward J. Kasemeyer Prepaid College Trust established under this subtitle;
(2)    The Maryland Senator Edward J. Kasemeyer College Investment Plan established under Subtitle 19A of this title;
(3)    The Maryland Broker–Dealer College Investment Plan established under Subtitle 19B of this title; and
(4)    The Maryland ABLE Program established under Subtitle 19C of this title.
(c)    The Board consists of the following members:
(1)    The Secretary of the Maryland Higher Education Commission;
(2)    The State Superintendent of Schools;
(3)    The State Treasurer;
(4)    The State Comptroller;
(5)    The Chancellor of the University System of Maryland;
(6)    The Secretary of Disabilities; and
(7)    Five members of the public who shall be appointed by the Governor and shall have significant experience in finance, accounting, investment management, or other areas that can be of assistance to the Board.
(d)    A member of the Board designated under subsection (c)(1) through (6) of this section may designate an employee from the member’s staff to represent the member of the Board, with the full voting rights, powers, and duties of the member.
(e)    Before taking office, each appointee to the Board shall take the oath required by Article I, § 9 of the Maryland Constitution.
(f)    (1)    Except for the terms of the initial members of the Board, the term of a public member of the Board is 4 years.
(2)    The terms of the public members of the Board are staggered as required by the terms of the members of the Board on October 1, 1998.
(3)    At the end of a term, a public member continues to serve until a successor is appointed and qualifies.
(4)    A public member who is appointed after a term has begun serves only for the remainder of the term and until a successor is appointed and qualifies.
(5)    A public member is eligible for reappointment.
(g)    The Governor may remove a public member for incompetence or misconduct.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19 - Maryland 529 Program › Section 18-1905.1 - Additional Duties -- Marketing Plan to Increase Participation in Maryland 529

(a)    (1)    The Board shall develop and implement a marketing plan to increase participation in Maryland 529.
(2)    (i)    The marketing plan shall identify methods to increase general participation in Maryland 529.
(ii)    The Board shall coordinate with the Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans and local school systems, respectively, to identify methods to increase participation in Maryland 529 among:
1.    State employees that participate in other State tax savings programs; and
2.    Families of students in local school systems with lower rates of participation in Maryland 529 than the State population.
(b)    On or before December 1, 2016, and every 3 years thereafter, the Board shall submit the marketing plan required under subsection (a) of this section to the Governor and, in accordance with § 2–1257 of the State Government Article, the Senate Budget and Taxation Committee, the Senate Education, Health, and Environmental Affairs Committee, the House Committee on Ways and Means, and the House Appropriations Committee.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19 - Maryland 529 Program › Section 18-1906.1 - Obligations Exceeding Market Value of Trust Assets

(a)    If the current prepaid contract obligations of the Trust exceed the market value of Trust assets, at the request of the Board the Governor shall include in the annual budget bill submitted to the General Assembly an appropriation in the amount determined under subsection (b) of this section.
(b)    The appropriation to be included in the budget bill under subsection (a) of this section shall equal the difference between the current prepaid contract obligations and the market value of Trust assets.
(c)    For purposes of this section, the current prepaid contract obligations and the market value of Trust assets:
(1)    Shall be determined as of June 30 of the calendar year that ended before the beginning of the fiscal year for which the appropriation is requested; and
(2)    Shall be verified by the report of the independent outside auditor required under § 18-1916 of this subtitle.
(d)    (1)    The amount appropriated under this section shall be deposited into the Trust.
(2)    All amounts paid into the Trust under this section shall constitute and be accounted for as advances to the Trust.
(3)    Subject to the rights of the Trust’s contract holders, amounts appropriated under this section shall be repaid to the State without interest in equal amounts in each of the next 2 fiscal years succeeding the one for which the appropriation was made.
(4)    If the appropriation in the State budget as enacted by the General Assembly is less than the amount specified under subsection (b) of this section, the Board may adjust the terms of subsequent or current prepaid contracts to ensure continued actuarial soundness of the Trust.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19 - Maryland 529 Program › Section 18-1907 - Trust Management and Administration; Fiduciary

(a)    In this section, “fiduciary” means:
(1)    A member of the Board; or
(2)    An employee of the Program or the Trust who exercises any discretionary authority or control over:
(i)    The management or administration of the Trust; or
(ii)    The management or disposition of the assets of the Trust.
(b)    A fiduciary shall discharge the fiduciary’s duties with respect to the Trust:
(1)    Solely in the interest of the participants;
(2)    For the exclusive purposes of providing benefits to the participants and providing reasonable expenses of administering the Trust;
(3)    With the care, skill, prudence, and diligence under the circumstances then prevailing, that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character with like aims;
(4)    By diversifying the investments of the Trust so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so;
(5)    In accordance with the laws governing the Trust; and
(6)    In accordance with the documents and instruments governing the Trust to the extent that the documents and instruments are consistent with this subtitle.
(c)    In exercising authority, control, or discretion with respect to the Trust, a fiduciary may not:
(1)    Use the assets of the Trust for the fiduciary’s own interest or account;
(2)    Act in a transaction involving the Trust on behalf of a person, or represent a person, if the interests of the person are adverse to the interests of the Trust or the interests of participants;
(3)    Receive any consideration for the fiduciary’s own account from a person dealing with the Trust in connection with a transaction involving the assets of the Trust; or
(4)    Become an endorser or surety or, in any manner, an obligor, for money lent to or borrowed from the Board.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19 - Maryland 529 Program › Section 18-1908 - Bonding of Fiduciary

(a)    The Board shall purchase a bond for each fiduciary in accordance with Title 9, Subtitle 17 of the State Government Article.
(b)    Unless a fiduciary is bonded, the fiduciary may not exercise custody or control of any assets of the Trust.
(c)    A fiduciary may not allow another fiduciary to act in violation of this section.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19 - Maryland 529 Program › Section 18-1910 - Refunds

(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 Trust by the 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 Trust on behalf of the qualified beneficiary and for reasonable administrative charges, shall be made if the beneficiary:
(1)    Is awarded a scholarship or tuition remission that covers benefits provided under the prepaid contract; or
(2)    Dies or suffers from a disability which prevents the beneficiary from attending an institution of higher education within the time allowed by this subtitle.
(c)    (1)    A reduced refund of the contributions made to the Trust, as determined by the Board, shall be made if:
(i)    The beneficiary does not attend an institution of higher education;
(ii)    Benefits are not exercised under the contract within a time specified in the contract; or
(iii)    The prepaid contract is canceled by the account holder.
(2)    The time that a qualified beneficiary spends in active duty as a member of the United States armed forces shall be added to the time period allowed to exercise the benefits under a prepaid contract before a termination under paragraph (1) of this subsection.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19 - Maryland 529 Program › Section 18-1913 - Seizure of Contract Benefits Prohibited

(a)    In this section, “person” does not include the State.
(b)    A person may not attach, execute, garnish, or otherwise seize any current or future benefit under a prepaid contract or any asset of the Trust.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19 - Maryland 529 Program › Section 18-1914 - Admission and Tuition

(a)    Nothing in this subtitle or in any prepaid contract may be construed as a promise or guarantee by the Board of admission to, continued enrollment at, or graduation from an institution of higher education.
(b)    The actual tuition rate charged to a qualified beneficiary shall be determined at the time of enrollment in accordance with the residency policy adopted by the governing board of the institution of higher education at which the qualified beneficiary enrolls.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19 - Maryland 529 Program › Section 18-1916 - Audit of Trust

(a)    (1)    The Legislative Auditor shall audit the Trust as provided under Title 2, Subtitle 12 of the State Government Article.
(2)    The Board shall cause an audit of the Trust to be made by an outside independent auditor annually.
(3)    The Board shall pay for the audit required under paragraph (2) of this subsection.
(b)    (1)    Within 120 days after the close of each fiscal year, the Board shall submit to the Governor and, subject to § 2–1257 of the State Government Article, to the General Assembly a report including:
(i)    The audit of the outside independent auditor;
(ii)    A financial accounting of the Trust, including:
1.    The annual review of the comprehensive investment plan which shall include:
A.    The status of the investment program, including investment income matched to projected enrollment costs under the existing prepaid contracts;
B.    The assets held in each class of investment, the amount of funds held in any cash pool, the amount of funds held in fixed assets investments, and the amount of funds held in equity investments;
C.    The percentage and dollar value of assets placed with outside managers;
D.    The income produced by each class of investment; and
E.    The income produced by each investment manager; and
2.    A detailed account of the operating and administrative budget for the Trust, which shall include a complete list of revenue sources and expenditures detailing the line item expenditures for:
A.    Salaries, wages, and fringe benefits;
B.    Technical and special fees;
C.    Communication;
D.    Travel;
E.    Contractual services;
F.    Supplies and materials;
G.    Equipment;
H.    Fixed charges; and
I.    Other expenses;
(iii)    The number of prepaid contracts entered into during the previous fiscal year;
(iv)    Efforts by the Board in marketing the prepaid contracts under the Trust; and
(v)    Any recommendations of the Board concerning the operation of the Trust.
(2)    The Board shall make available to each account holder a copy of a summary of the report and the option to purchase the full report at a nominal charge.
(c)    The audit required by subsection (a)(2) of this section and the report required by subsection (b) of this section may be combined with any other audit or report for the same fiscal year required to be submitted by the Board to the Governor and the General Assembly.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19A - Maryland Senator Edward J. Kasemeyer College Investment Plan › Section 18-19A-01 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    “Account holder” means the person who established an investment account on behalf of a qualified designated beneficiary.
(c)    “Board” means the Maryland 529 Board established under § 18–1904 of this title.
(d)    “Eligible educational institution” has the meaning stated in § 529(e) of the Internal Revenue Code.
(e)    “Investment account” means an account established by an account holder under this subtitle on behalf of a qualified designated beneficiary for the purpose of applying distributions toward qualified higher education expenses at eligible educational institutions.
(f)    “Plan” means the Maryland Senator Edward J. Kasemeyer College Investment Plan established under this subtitle.
(g)    “Qualified designated beneficiary” has the meaning stated in § 529 of the Internal Revenue Code.
(h)    “Qualified higher education expenses” has the meaning stated in § 529 of the Internal Revenue Code.
(i)    “Qualified state tuition program” has the meaning stated in § 529 of the Internal Revenue Code.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19A - Maryland Senator Edward J. Kasemeyer College Investment Plan › Section 18-19A-02 - Establishment; Purpose; Duties

(a)    There is a Maryland Senator Edward J. Kasemeyer College Investment Plan.
(b)    The purpose of the Plan is to allow contributions to an investment account established for the purposes of meeting the qualified higher education expenses of the qualified designated beneficiary of the account.
(c)    (1)    The Board shall administer, manage, promote, and market the Plan.
(2)    The Board shall administer the Plan in compliance with Internal Revenue Service standards for qualified State tuition programs.
(d)    The Board shall adopt procedures that the Board considers necessary to carry out the provisions of this subtitle.
(e)    The Board shall adopt procedures relating to:
(1)    Application procedures for participation in the Plan;
(2)    Start–up costs incurred by the State for the development of the Plan with these costs to be reimbursed to the State by the Plan;
(3)    Early withdrawals, so that there will be no major detriment to the remaining account holders in the Plan;
(4)    The State contribution program;
(5)    Transfer of funds from the Plan to other qualified State tuition programs and from other qualified State tuition programs to the Plan in accordance with federal law; and
(6)    Transfer of funds from the Plan to a qualified ABLE program established in accordance with § 529A of the Internal Revenue Code.
(f)    At least annually, the Board shall issue to each account holder a statement that provides a separate accounting for each qualified designated beneficiary providing the following information with respect to each account:
(1)    The beginning balance;
(2)    Contributions to the account, including any State contribution;
(3)    Withdrawals from the account during the previous year; and
(4)    Ending investment account value.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19A - Maryland Senator Edward J. Kasemeyer College Investment Plan › Section 18-19A-03 - Proposals

(a)    (1)    The Board may issue requests for proposals to evaluate and determine the means for the administration, management, promotion, or marketing of the Plan.
(2)    The Board shall consider proposals that meet the following criteria:
(i)    Ability to develop and administer an investment program of a nature similar to the objectives of the Plan;
(ii)    Ability to administer financial programs with individual account records and reporting;
(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 Senator Edward J. Kasemeyer Prepaid College Trust established under Subtitle 19 of this title.
(b)    (1)    Except for applications made under § 18–19A–04.1 of this subtitle, 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 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 Plan:
(i)    Shall be established in the form determined by the Board; and
(ii)    May be established as a trust to be declared by the Board.
(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
(ii)    The assets associated with each portfolio are accounted for separately from the other assets of the Plan.
(f)    The Maryland College Investment Plan shall be referred to as the Senator Edward J. Kasemeyer College Investment Plan.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19A - Maryland Senator Edward J. Kasemeyer College Investment Plan › Section 18-19A-04 - Participation; Distributions; Refunds

(a)    A Maryland resident or a nonresident of Maryland may participate in and benefit from the Plan.
(b)    Distributions shall be requested by the account holder.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19A - Maryland Senator Edward J. Kasemeyer College Investment Plan › Section 18-19A-05 - Debts, Contracts, and Obligations

(a)    (1)    The debts, contracts, and obligations of the Plan are not the contracts, debts, or obligations of the State and neither the faith and credit nor taxing power of the State is pledged directly or indirectly or contingently, morally or otherwise, to the payment of the debts, contracts, and obligations.
(2)    The Board cannot directly or indirectly or contingently obligate, morally or otherwise, the State to levy or pledge any form of taxation whatsoever for the debts and obligations of the Plan or to make any appropriation for the payment of the debts and obligations of the Plan.
(b)    Neither the State nor any eligible educational institution shall be liable for any losses or shortage of funds in the event that the account holder’s investment account balance is insufficient to meet the tuition requirements of an institution attended by the qualified designated beneficiary.
(c)    Money of the Plan may not be considered money of the State or deposited in the State Treasury.
(d)    Money of the Plan may not be considered money of or commingled with the Maryland Senator Edward J. Kasemeyer Prepaid College Trust.
(e)    Money of the Plan may not be considered money of or commingled with the Maryland Broker–Dealer College Investment Plan.
(f)    Money of the Plan may not be considered money of or commingled with the Maryland ABLE Program.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19A - Maryland Senator Edward J. Kasemeyer College Investment Plan › Section 18-19A-06.1 - Seizure of Account Benefits Prohibited

(a)    In this section, “person” does not include the State.
(b)    A person may not attach, execute, garnish, or otherwise seize any current or future benefit under an investment account or any asset of the Plan.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19A - Maryland Senator Edward J. Kasemeyer College Investment Plan › Section 18-19A-07 - Audit

(a)    (1)    The Legislative Auditor shall audit the Plan as provided under Title 2, Subtitle 12 of the State Government Article.
(2)    The Board shall obtain an annual audit report from service providers.
(b)    (1)    Within 120 days after the close of each fiscal year, the Board shall submit to the Governor and, subject to § 2-1257 of the State Government Article, to the General Assembly a report including:
(i)    A financial accounting of the Plan, including:
1.    An annual review of the Plan which shall include:
A.    The status of the investment program;
B.    The assets held in each class of investment;
C.    The percentage and dollar value of assets placed with outside managers;
D.    The income produced by each class of investment;
E.    The income produced by each investment manager;
F.    The total deposits into the Plan for the past year; and
G.    The total withdrawals from the Plan for the past year; and
2.    A detailed account of the operating and administrative budget for the Plan, which shall include a complete list of revenue sources and expenditures detailing the line item expenditures for:
A.    Salaries, wages, and fringe benefits;
B.    Technical and special fees;
C.    Communication;
D.    Travel;
E.    Contractual services;
F.    Supplies and materials;
G.    Equipment;
H.    Fixed charges; and
I.    Other expenses;
(ii)    The number of new account holders during the previous fiscal year;
(iii)    Efforts in marketing the Plan; and
(iv)    Any recommendations of the Board concerning the operation of the Plan.
(2)    The Board shall make available to each account holder a copy of a summary of the report and the option to purchase the full report at a nominal charge.
(c)    The audit required by subsection (a)(2) of this section and the report required by subsection (b) of this section, at the Board’s discretion, may be combined with any other audit or report for the same fiscal year required to be submitted by the Board to the Governor and the General Assembly.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19B - Maryland Broker-Dealer College Investment Plan › Section 18-19B-01 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    “Account holder” means the person who established an investment account on behalf of a qualified designated beneficiary.
(c)    “Board” means the Maryland 529 Board established under § 18–1904 of this title.
(d)    “Broker–Dealer Plan” means the Maryland Broker–Dealer College Investment Plan established under this subtitle.
(e)    “Eligible educational institution” has the meaning stated in § 529(e) of the Internal Revenue Code.
(f)    “Investment account” means an account established by an account holder under this subtitle on behalf of a qualified designated beneficiary for the purpose of applying distributions toward qualified higher education expenses at eligible educational institutions.
(g)    “Qualified designated beneficiary” has the meaning stated in § 529(e) of the Internal Revenue Code.
(h)    “Qualified higher education expenses” has the meaning stated in § 529(e) of the Internal Revenue Code.
(i)    “Qualified State tuition program” has the meaning stated in § 529 of the Internal Revenue Code.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19B - Maryland Broker-Dealer College Investment Plan › Section 18-19B-02 - Maryland Broker-Dealer College Investment Plan

(a)    The Board may establish a Maryland Broker–Dealer College Investment Plan.
(b)    The purpose of the Broker–Dealer Plan is to provide for a broker–dealer distributed vehicle that would allow contributions to an investment account established for the purposes of meeting the qualified higher education expenses of the qualified designated beneficiary of the account.
(c)    (1)    The Board shall administer, manage, and promote the Broker–Dealer Plan.
(2)    The Board shall administer the Broker–Dealer Plan in compliance with Internal Revenue Service standards for qualified State tuition programs.
(d)    (1)    The Board shall adopt procedures relating to:
(i)    Enrollment procedures for participation in the Broker–Dealer Plan;
(ii)    Start–up costs incurred by the State for the development of the Broker–Dealer Plan with these costs to be reimbursed to the State by the Broker–Dealer Plan;
(iii)    Early withdrawals so that there will be no major detriment to the remaining account holders in the Broker–Dealer Plan;
(iv)    Transfer of funds from the Broker–Dealer Plan to other qualified State tuition programs and from other qualified State tuition programs to the Broker–Dealer Plan in accordance with federal law; and
(v)    Transfer of funds from the Broker–Dealer Plan to a qualified ABLE program established in accordance with § 529A of the Internal Revenue Code.
(2)    The Board shall adopt any other procedures that the Board considers necessary to carry out the provisions of this subtitle.
(e)    At least annually, the Board shall issue to each account holder a statement that provides a separate accounting for each qualified designated beneficiary providing the following information with respect to each account:
(1)    The beginning balance;
(2)    Contributions to the account;
(3)    Withdrawals from the account during the previous year; and
(4)    Ending investment account value.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19B - Maryland Broker-Dealer College Investment Plan › Section 18-19B-03 - Proposals, Fees, Contributions, and Forms of Plan

(a)    (1)    The Board may issue requests for proposals to evaluate and determine the means for the administration, management, promotion, or marketing of the Broker–Dealer Plan.
(2)    The Board shall consider proposals that meet the following criteria:
(i)    Ability to develop and administer an investment program of a nature similar to the objectives of the Broker–Dealer Plan;
(ii)    Ability to administer financial programs with individual account records and reporting; and
(iii)    Ability to market the Broker–Dealer Plan to Maryland residents and, at the Board’s discretion, nonresidents of Maryland.
(b)    (1)    The Board may require an initial enrollment fee to be used for administrative costs of the Broker–Dealer Plan.
(2)    The Board may require additional fees associated with the expenses of the Broker–Dealer Plan.
(c)    (1)    Contributions to the Broker–Dealer 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 Broker–Dealer Plan may be made only in cash or cash equivalents.
(3)    The Broker–Dealer Plan shall include provisions for automatic contributions.
(d)    (1)    The Broker–Dealer Plan:
(i)    May be established as one or more separate plans as determined by the Board;
(ii)    If established by the Board, shall be established in the form determined by the Board;
(iii)    Shall be marketed and promoted under the name or names determined by the Board; and
(iv)    May be established as one or more trusts to be declared by the Board.
(2)    The Broker–Dealer Plan may be divided into multiple investment options.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19B - Maryland Broker-Dealer College Investment Plan › Section 18-19B-04 - Participation; Distributions

(a)    A Maryland resident or, at the Board’s discretion, a nonresident of Maryland may participate in and benefit from the Broker–Dealer Plan.
(b)    Distributions shall be requested by the account holder.
2023 Maryland Statutes › Education › Division III - Higher Education › Title 18 - Student Financial Assistance › Subtitle 19B - Maryland Broker-Dealer College Investment Plan › Section 18-19B-05 - Debts, Contracts, and Obligations

(a)    (1)    The debts, contracts, and obligations of the Broker–Dealer Plan are not the contracts, debts, or obligations of the State, and neither the faith and credit nor taxing power of the State is pledged directly or indirectly or contingently, morally or otherwise, to the payment of the debts, contracts, and obligations.
(2)    The Board cannot directly or indirectly or contingently obligate, morally or otherwise, the State to levy or pledge any form of taxation whatsoever for the debts and obligations of the Broker–Dealer Plan or to make any appropriation for the payment of the debts and obligations of the Broker–Dealer Plan.
(b)    Neither the State nor any eligible educational institution shall be liable for any losses or shortage of funds in the event that the account holder’s investment account balance is insufficient to meet the tuition requirements of an institution attended by the qualified designated beneficiary.
(c)    Money of the Broker–Dealer Plan may not be considered money of the State or deposited in the State Treasury.
(d)    Money of the Broker–Dealer Plan may not be considered money of or commingled with the Maryland Senator Edward J. Kasemeyer Prepaid College Trust.
(e)    Money of the Broker–Dealer Plan may not be considered money of or commingled with the Maryland Senator Edward J. Kasemeyer College Investment Plan.
(f)    Money of the Broker–Dealer Plan may not be considered money of or commingled with the Maryland ABLE Program.