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§ 7-4A-03. Family Security Trust Fund

West's Annotated Code of MarylandHealth OccupationsEffective: July 1, 2012

West's Annotated Code of Maryland
Health Occupations (Refs & Annos)
Title 7. Morticians and Funeral Directors (Refs & Annos)
Subtitle 4a. Family Security Trust Fund (Refs & Annos)
Effective: July 1, 2012
MD Code, Health Occupations, § 7-4A-03
§ 7-4A-03. Family Security Trust Fund
Currentness
In general
(a) There is a Family Security Trust Fund.
Administration of Fund
(b) The Board shall:
(1) Administer the Fund; and
(2) Over a reasonable period of time, build the Fund to a level of $1,000,000 and thereafter maintain the Fund at that level.
Fund nonlapsing
(c) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
Deposits, investments
(d)(1) The Board shall deposit all money collected to the credit of the Fund with the State Treasurer for placement into a special account.
(2)(i) The State Treasurer may invest or reinvest money in the Fund in the same manner as money in the State Retirement and Pension System.
(ii) The investment earnings shall be:
1. Except as provided in paragraph (3) of this subsection, credited to the Fund; and
2. Available for the same purposes as the money deposited into the Fund.
(3) If the level of the Fund exceeds $1,000,000, the State Treasurer shall pay the investment earnings of the Fund into the General Fund of the State.
Expenses, obligations of Board
(e) The Fund is not liable for any other expenses or obligations of the Board.
Accounting and financial reports
(f)(1) Accounting and financial reports related to the Fund shall be publicly available in a timely manner.
(2) The Legislative Auditor shall audit the accounts and transactions of the Fund as provided in § 2-1220 of the State Government Article.
Experts, service advisors
(g)(1) The Board may retain the services of appropriate experts or service providers to advise about, or administer, the Fund.
(2) The costs of the services described in paragraph (1) of this subsection shall be paid out of the Fund.
Regulations
(h) The Board shall adopt regulations for the administration and claims procedures of the Fund.

Credits

Added by Acts 2008, c. 532, § 1, eff. Jan. 1, 2009. Amended by Acts 2008, c. 36, § 6, eff. April 8, 2008; Acts 2009, c. 60, § 1, eff. April 14, 2009; Acts 2012, c. 483, § 1, eff. July 1, 2012; Acts 2012, c. 484, § 1, eff. July 1, 2012.
MD Code, Health Occupations, § 7-4A-03, MD HEALTH OCCUP § 7-4A-03
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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