2013 Maryland Code
EDUCATION
§ 18-19B-02 - Maryland Broker-Dealer College Investment Plan

(a) Establishment. -- The Board may establish a Maryland Broker-Dealer College Investment Plan.

(b) Purpose. -- 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) Administration, management and promotion. --

(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) Procedures. --

(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; and

(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

(2) The Board shall adopt any other procedures that the Board considers necessary to carry out the provisions of this subtitle.

(e) Annual statement. -- 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.