§ 18-19B-02

Maryland § 18-19B-02

• Jurisdiction: Maryland
• Article ged: Education
• Title: 18

Text

(a) The State Treasurer 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 State Treasurer shall administer, manage, and promote the Broker–Dealer Plan.

(2) The State Treasurer shall administer the Broker–Dealer Plan in compliance with Internal Revenue Service standards for qualified state tuition programs.

(d) (1) The State Treasurer 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 State Treasurer shall adopt any other procedures that the State Treasurer considers necessary to carry out the provisions of this subtitle.

(e) At least annually, the State Treasurer 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.