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§ 18-19A-05. Debts, contracts, and obligations of 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-05
§ 18-19A-05. Debts, contracts, and obligations of Plan
Currentness
Debts, contracts, and obligations of Plan
(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 State Treasurer 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.
Liability of State or educational institution
(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.
Money of Plan not money of State
(c) Money of the Plan may not be considered money of the State or deposited in the State Treasury.
Money of Plan not money of Prepaid College Trust
(d) Money of the Plan may not be considered money of or commingled with the Maryland Senator Edward J. Kasemeyer Prepaid College Trust.
Money of Plan not money of Broker-Dealer College Investment Plan
(e) Money of the Plan may not be considered money of or commingled with the Maryland Broker-Dealer College Investment Plan.
Money of Plan not money of Maryland ABLE Program
(f) Money of the Plan may not be considered money of or commingled with the Maryland ABLE Program.

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 2008, c. 548, § 1, eff. Oct. 1, 2008; Acts 2016, c. 39, § 1, eff. July 1, 2016; Acts 2016, c. 689, § 1, eff. July 1, 2016; Acts 2016, c. 690, § 1, eff. July 1, 2016; Acts 2018, c. 419, § 1, eff. June 1, 2018; Acts 2023, c. 113, § 1, eff. June 1, 2023.
MD Code, Education, § 18-19A-05, MD EDUC § 18-19A-05
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.
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