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§ 18-19A-02. Maryland Senator Edward J. Kasemeyer College Investment Plan

West's Annotated Code of MarylandEducationEffective: June 1, 2023

West's Annotated Code of Maryland
Education (Refs & Annos)
Division III. Higher Education [Titles 10-20] (Refs & Annos)
Title 18. Student Financial Assistance (Refs & Annos)
Subtitle 19a. Maryland College Investment Plan (Refs & Annos)
Effective: June 1, 2023
MD Code, Education, § 18-19A-02
§ 18-19A-02. Maryland Senator Edward J. Kasemeyer College Investment Plan
Currentness
In general
(a) There is a Maryland Senator Edward J. Kasemeyer College Investment Plan.
Purpose of 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.
Administration
(c)(1) The State Treasurer shall administer, manage, promote, and market the Plan.
(2) The State Treasurer shall administer the Plan in compliance with Internal Revenue Service standards for qualified state tuition programs.
Adoption of procedures
(d) The State Treasurer shall adopt procedures that the State Treasurer considers necessary to carry out the provisions of this subtitle.
Procedures relating to costs, withdrawals, and transfer of funds
(e) The State Treasurer 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.
Statements to account holders
(f) 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, including any State contribution;
(3) Withdrawals from the account during the previous year; and
(4) Ending investment account value.

Credits

Added by Acts 2000, c. 494, § 1, eff. July 1, 2000. Amended by Acts 2003, c. 381, § 1, eff. July 1, 2003; Acts 2003, c. 382, § 1, eff. July 1, 2003; Acts 2016, c. 689, § 1, eff. July 1, 2016; Acts 2016, c. 690, § 1, eff. July 1, 2016; Acts 2018, c. 390, § 1, eff. June 1, 2018; Acts 2018, c. 391, § 1, eff. June 1, 2018; Acts 2018, c. 419, § 1, eff. June 1, 2018; Acts 2021, c. 435, § 1, eff. July 1, 2021; Acts 2021, c. 436, § 1, eff. July 1, 2021; Acts 2022, c. 492, § 1, eff. July 1, 2022; Acts 2022, c. 493, § 1, eff. July 1, 2022; Acts 2023, c. 113, § 1, eff. June 1, 2023.
MD Code, Education, § 18-19A-02, MD EDUC § 18-19A-02
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document