In this subtitle the following words have the meanings indicated.
“ABLE account holder” means an individual who has established an account described under § 529A(e) of the Internal Revenue Code and is the designated beneficiary of the account.
“Account holder” means an individual who:
Makes or undertakes the obligation to make advance payments of qualified higher education expenses as provided under a prepaid contract; and
Except as provided in § 18–1909(b) of this subtitle, is a resident of Maryland or of the District of Columbia at the time that the account holder enters into a prepaid contract.
“Broker–Dealer Plan” means the Maryland Broker–Dealer College Investment Plan established under Subtitle 19B of this title.
“Current prepaid contract obligations” means the scheduled payments due for the next fiscal year under existing prepaid contracts.
“Eligible institution of higher education” means an institution of higher education that:
Offers an associate, bachelor, or graduate degree program; and
Is eligible to participate in federal financial aid programs.
“Market value of program assets” means the amount of cash and cash equivalents held by the Trust plus the fair market value of other assets of the Trust.
“Maryland ABLE Program” means the Maryland Achieving a Better Life Experience Program established under Subtitle 19C of this title.
“Plan” means the Maryland Senator Edward J. Kasemeyer College Investment Plan established under Subtitle 19A of this title.
“Prepaid contract” means a contract between the State Treasurer and an account holder under the provisions of this subtitle for the advance payment of qualified higher education expenses by the account holder for a qualified beneficiary to attend an eligible institution of higher education, if the qualified beneficiary is admitted to the institution.
“Program” means Maryland 529.
“Qualified beneficiary” means an individual who:
Is eligible to apply advance payments of qualified higher education expenses to undergraduate or graduate qualified higher education expenses at an eligible institution of higher education under the provisions of this subtitle; and
Except as provided in § 18–1909(b) of this subtitle, is a resident of the State or of the District of Columbia at the time that the account holder enters into a prepaid contract.
“Qualified higher education expenses” has the meaning stated in § 529 of the Internal Revenue Code.
“Qualified state tuition program” has the meaning stated in § 529 of the Internal Revenue Code.
“Trust” means the Maryland Senator Edward J. Kasemeyer Prepaid College Trust established under this subtitle.
“Tuition” means the actual tuition and mandatory fees assessed to all students by an eligible institution of higher education as a condition of enrollment at the institution.
“Tuition” does not include any fee that is assessed by the institution for a particular course taken, year of enrollment, academic status, course of study, residency status, or any other distinguishing factor used by the institution to determine a specific fee.
It is the intent of the General Assembly to enhance the accessibility and affordability of higher education for all citizens of the State and for all citizens of the District of Columbia by establishing a method to provide for the prepayment of tuition at eligible institutions of higher education.
There is a Program entitled Maryland 529.
The purpose of the Program is to provide for the administration by the State Treasurer of the Maryland Senator Edward J. Kasemeyer Prepaid College Trust, the Maryland Senator Edward J. Kasemeyer College Investment Plan, the Maryland Broker–Dealer College Investment Plan, and the Maryland ABLE Program.
There is a Maryland Senator Edward J. Kasemeyer Prepaid College Trust.
The purpose of the Trust is to provide:
A means for payment of the cost of tuition in advance of enrollment at an eligible institution of higher education; and
An assurance to a beneficiary who enrolls at an eligible institution of higher education that the State Treasurer shall make every effort to invest the advance payments so that the prepaid contract will cover the average in–State tuition costs at public institutions of higher education in the State at the time that the benefits are exercised.
The State Treasurer shall administer the Trust in compliance with Internal Revenue Service standards for qualified state tuition programs.
The funds of the Trust consist of:
Payments received from prepaid contracts made under the provisions of this subtitle;
Bequests, endowments, or funds from any other available private source;
Interest and income earned from the investments of the Trust; and
Federal, State, or local funds, or funds from any other available public source.
Money remaining in the Trust at the end of the fiscal year shall remain in the Trust and may not revert to the General Fund of the State.
Money of the Trust may not be considered money of the State and may not be deposited into the Treasury.
Money of the Trust may not be considered money of the Maryland Senator Edward J. Kasemeyer College Investment Plan and may not be commingled with the Plan.
Money of the Trust may not be considered money of or be commingled with the Maryland Broker–Dealer College Investment Plan.
Money of the Trust may not be considered money of or be commingled with the Maryland ABLE Program.
The debts, contracts, and obligations of the Trust 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.
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 Trust or to make any appropriation for the payment of the debts and obligations of the Trust.
Neither the State nor any eligible institution of higher education shall be liable for any losses or shortage of funds in the event that the Maryland Senator Edward J. Kasemeyer Prepaid College Trust is insufficient to meet the tuition requirements of an institution attended by the qualified beneficiary.
The State Treasurer shall administer:
The Maryland Senator Edward J. Kasemeyer Prepaid College Trust established under this subtitle;
The Maryland Senator Edward J. Kasemeyer College Investment Plan established under Subtitle 19A of this title;
The Maryland Broker–Dealer College Investment Plan established under Subtitle 19B of this title; and
The Maryland ABLE Program established under Subtitle 19C of this title.
The State Treasurer:
Shall appoint a deputy treasurer to administer the Program; and
May employ additional Program staff in accordance with the budget.
Except for employees described in subparagraph (ii) or (iii) of this paragraph, the employees shall be skilled service employees subject to the provisions of the State Personnel and Pensions Article that govern skilled service employees.
An employee is in the professional service and subject to the provisions of the State Personnel and Pensions Article that govern professional service employees if the position:
Requires knowledge of an advanced type in a field of science or learning customarily acquired by a course of specialized intellectual instruction and study; and
Normally requires a professional license, an advanced degree, or both.
An employee is in the management service and subject to the provisions of the State Personnel and Pensions Article that govern management service employees if the position:
Primarily involves direct responsibility for the oversight and management of personnel and financial resources;
Requires the exercise of discretion and independent judgment; and
Is not in the executive service.
The State Treasurer may retain the services of consultants, administrators, and other personnel, as necessary, to administer the Trust, the Plan, the Broker–Dealer Plan, or the Maryland ABLE Program.
The budget for the Program and staff retained by the State Treasurer to administer the Program are subject to review by the General Assembly for information purposes only.
The State Treasurer may adopt any regulations that the State Treasurer considers necessary to carry out the provisions of this subtitle or Subtitle 19A, Subtitle 19B, or Subtitle 19C of this title.
In administering the Program, the State Treasurer may:
Execute contracts and other necessary instruments;
Hold, buy, and sell instruments, obligations, securities, and other investments consistent with its comprehensive investment plan;
Enter into agreements with eligible institutions of higher education and other public or private entities for the promotion, administration, or marketing of the Program, the Trust, the Plan, the Broker–Dealer Plan, or the Maryland ABLE Program;
Invest funds not required for immediate disbursement;
Solicit and accept gifts, grants, loans, or other aid from any source or participate in any government program for purposes consistent with this subtitle and Subtitles 19A, 19B, and 19C of this title;
Subject to the review of the General Assembly, impose, collect, and distribute across Maryland 529 programs reasonable administrative fees for any transactions under the Trust, the Plan, the Broker–Dealer Plan, or the Maryland ABLE Program or involving prepaid contracts or transactions affecting the Program, the Trust, the Plan, the Broker–Dealer Plan, or the Maryland ABLE Program;
Procure insurance against any loss of assets of the Program, the Trust, the Plan, the Broker–Dealer Plan, or the Maryland ABLE Program;
Endorse insurance coverage written exclusively for the purpose of protecting:
A prepaid contract under the Trust and the account holder and the qualified beneficiary of the contract;
An investment account under the Plan, or the Broker–Dealer Plan, and the account holder and qualified designated beneficiary of the investment account; or
An ABLE account under the Maryland ABLE Program and the ABLE account holder;
Designate terms under which money may be withdrawn from the Program, the Trust, the Plan, the Broker–Dealer Plan, or the Maryland ABLE Program;
Establish additional procedural and substantive requirements for participation in and the administration or marketing of the Program, the Trust, the Plan, the Broker–Dealer Plan, or the Maryland ABLE Program;
Appear before boards, commissions, or other governmental agencies; and
Take any other action that the State Treasurer considers appropriate to implement and administer the Program, the Trust, the Plan, the Broker–Dealer Plan, or the Maryland ABLE Program.
The State Treasurer may:
Delegate, wholly or partly, the exercise of fiduciary duties related to the Trust; and
Contract for support services necessary to carry out the State Treasurer’s fiduciary duties related to the Trust.
The State Treasurer shall implement a marketing plan to increase participation in Maryland 529.
The marketing plan shall identify methods to increase general participation in Maryland 529.
The State Treasurer shall coordinate with the Board of Trustees of the Maryland State Employees Supplemental Retirement Plans and local school systems, respectively, to identify methods to increase participation in Maryland 529 among:
State employees that participate in other State tax savings programs; and
Families of students in local school systems with lower rates of participation in Maryland 529 than the State population.
On or before December 1, 2025, and every 3 years thereafter, the State Treasurer shall submit the marketing plan required under subsection (a) of this section to the Governor and, in accordance with § 2–1257 of the State Government Article, the Senate Budget and Taxation Committee, the Senate Committee on Education, Energy, and the Environment, the House Committee on Ways and Means, and the House Appropriations Committee.
The State Treasurer shall adopt a comprehensive investment plan for the administration of the Trust.
The plan shall specify the investment policies used by the State Treasurer in the administration of the Trust.
Assets of the Trust shall be invested in accordance with the comprehensive investment plan.
The comprehensive investment plan must indicate the percentage of assets that shall be held in each class of investment, the amount of funds held in any cash pool, the amount of funds held in fixed assets investments, the amount of funds held in equity investments, and the percentage and dollar value of assets placed with outside managers.
Notwithstanding any law restricting the deposit or investment of State money, the State Treasurer may place assets of the Trust in savings accounts or may use the assets to purchase fixed or variable life insurance or annuity contracts, securities, evidence of indebtedness, or other investment products pursuant to the comprehensive investment plan.
Any insurance, annuity contracts, savings, or other investment products procured by the State Treasurer shall be underwritten and offered in compliance with applicable federal and State laws.
The State Treasurer shall make every effort to invest the assets of the Trust in a manner that earns, at a minimum, sufficient earnings to generate the difference between the prepaid amount under prepaid contracts and the average in–State tuition costs at public institutions of higher education in the State at the time that the benefits are exercised.
The comprehensive investment plan shall provide for the Trust to be administered in an actuarially sound manner to assure that the State Treasurer may defray obligations of the Trust.
The State Treasurer shall review the comprehensive investment plan at least annually to assure that the Trust remains actuarially sound.
The State Treasurer may contract with an investment advisory or management company for the investment and management of the Trust as long as the Trust is administered in accordance with the comprehensive investment plan.
The State Treasurer:
Shall preserve, invest, and expend the assets of the Trust solely for the purposes of this subtitle; and
May not loan, transfer, or use the assets for any other purpose of the State.
The Trust is not subject to § 7–302 of the State Finance and Procurement Article.
Unless the State Treasurer provides otherwise by regulation, the State Treasurer shall use the proceeds in the Trust in the following order:
To pay eligible institutions of higher education in accordance with the State Treasurer’s obligations under prepaid contracts;
To refund money on the termination of prepaid contracts;
To pay the operating expenses of the State Treasurer in administering the Program; and
To make payments to resolve claims brought against the Trust in accordance with § 18–1917 of this subtitle.
Except as provided in paragraph (2) of this subsection, if the State Treasurer determines after an annual review that the market value of Trust assets exceeds the amount necessary to satisfy all scheduled payments currently due or scheduled to become due under all prepaid contracts by 30% or more, the State Treasurer may provide for a rebate from the excess to account holders of existing prepaid contracts in an amount to be determined by the State Treasurer.
The State Treasurer may not rebate any amount to account holders if, within the 5 years immediately preceding the proposed rebate:
The State Treasurer has requested an appropriation under § 18–1906.1 of this subtitle; or
The Trust has failed to repay to the State any appropriation under § 18–1906.1 of this subtitle.
If the current prepaid contract obligations of the Trust exceed the market value of Trust assets, at the request of the State Treasurer, the Governor shall include in the annual budget bill submitted to the General Assembly an appropriation in the amount determined under subsection (b) of this section.
The appropriation to be included in the budget bill under subsection (a) of this section shall equal the difference between the current prepaid contract obligations and the market value of Trust assets.
For purposes of this section, the current prepaid contract obligations and the market value of Trust assets:
Shall be determined as of June 30 of the calendar year that ended before the beginning of the fiscal year for which the appropriation is requested; and
Shall be verified by the report of the independent outside auditor required under § 18–1916 of this subtitle.
The amount appropriated under this section shall be deposited into the Trust.
All amounts paid into the Trust under this section shall constitute and be accounted for as advances to the Trust.
Subject to the rights of the Trust’s contract holders, amounts appropriated under this section shall be repaid to the State without interest in equal amounts in each of the next 2 fiscal years succeeding the one for which the appropriation was made.
If the appropriation in the State budget as enacted by the General Assembly is less than the amount specified under subsection (b) of this section, the State Treasurer may adjust the terms of subsequent or current prepaid contracts to ensure continued actuarial soundness of the Trust.
In this section, “fiduciary” means:
The State Treasurer;
An employee of the Program or the Trust who exercises any discretionary authority or control over:
The management or administration of the Trust; or
The management or disposition of the assets of the Trust; or
An individual to whom the State Treasurer has delegated fiduciary duties in accordance with § 18–1905 of this subtitle.
A fiduciary shall discharge the fiduciary’s duties with respect to the Trust:
Solely in the interest of the participants;
For the exclusive purposes of providing benefits to the participants and providing reasonable expenses of administering the Trust;
With the care, skill, prudence, and diligence under the circumstances then prevailing, that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character with like aims;
By diversifying the investments of the Trust so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so;
In accordance with the laws governing the Trust; and
In accordance with the documents and instruments governing the Trust to the extent that the documents and instruments are consistent with this subtitle.
In exercising authority, control, or discretion with respect to the Trust, a fiduciary may not:
Use the assets of the Trust for the fiduciary’s own interest or account;
Act in a transaction involving the Trust on behalf of a person, or represent a person, if the interests of the person are adverse to the interests of the Trust or the interests of participants;
Receive any consideration for the fiduciary’s own account from a person dealing with the Trust in connection with a transaction involving the assets of the Trust; or
Become an endorser or surety or, in any manner, an obligor, for money lent to or borrowed from the State Treasurer.
Each fiduciary shall be covered by a surety bond or an insurance policy of the type and in the amount of coverage determined by the State Treasurer under § 5–108 of the State Government Article, as a fiduciary of the Trust.
Unless a fiduciary is bonded, the fiduciary may not exercise custody or control of any assets of the Trust.
A fiduciary may not allow another fiduciary to act in violation of this section.
On or after June 1, 2023, the State Treasurer may not establish any new prepaid contracts or extend or upgrade any existing prepaid contracts under the Trust.
On or after June 1, 2023, an account holder may not enter into any new prepaid contracts or extend or upgrade any existing prepaid contracts under the Trust.
For the purpose of entering into a prepaid contract, either the account holder or the qualified beneficiary must be a resident of Maryland or of the District of Columbia at the time that the account holder enters into the prepaid contract.
For the purposes of determining residency for the purchase of a prepaid contract:
For residency in Maryland, “resident” has the meaning stated in § 10–101 of the Tax – General Article; and
For residency in the District of Columbia, “resident” has the meaning stated in § 47–1801.04 of the District of Columbia Code Annotated.
The cost of a prepaid contract shall be based on:
The average current in–State tuition costs at the time the prepaid contract is purchased at public institutions of higher education in the State;
The number of years expected to elapse between the purchase of a prepaid contract and the use of the benefits of the prepaid contract; and
The projected tuition costs at the time that the benefits will be exercised.
Each prepaid contract made under the provisions of this subtitle shall include the following provisions:
The amount of each payment and the number of payments required from an account holder;
The terms and conditions under which account holders shall remit payments, including the dates of the payments;
Provisions for late payment charges and defaults;
Penalties for early withdrawal from the Trust;
The amount and terms of any administrative fees that must be paid by the account holder or the beneficiary;
The name and date of birth of the qualified beneficiary on whose behalf the contract is made;
Terms and conditions for a substitution for the qualified beneficiary originally named;
Terms and conditions for the termination of the prepaid contract;
The time period during which the qualified beneficiary may claim benefits from the Trust;
The maximum number of undergraduate semester hours that are prepaid under the prepaid contract, based on in–State tuition at a public institution of higher education in the State;
All other rights and obligations of the account holder and the Trust; and
Any other terms and conditions that the State Treasurer considers necessary or appropriate.
Subject to subsection (a) of this section, the State Treasurer shall allow the conversion of a prepaid contract from one tuition plan or payment option to a different tuition plan or payment option.
The State Treasurer shall allow excess prepaid contract benefits due to receipt of a scholarship, tuition remission, or early graduation from college to be used toward the payment of other qualified higher education expenses, as specified by the State Treasurer, at an eligible institution of higher education.
On or after June 1, 2023, the State Treasurer may only allow the transfer of funds from any other qualified state tuition program to the Trust, in accordance with federal law, for the purpose of contributing funds towards an existing contractual obligation.
The State Treasurer shall allow the transfer of funds from the Trust to any other qualified state tuition program, in accordance with federal law.
Notwithstanding any other provision of law, the State Treasurer shall allow the transfer of funds from the Trust to any qualified ABLE program established in accordance with § 529A of the Internal Revenue Code.
The State Treasurer shall set procedures to ensure that contributions to the Trust plus contributions or payments to other qualified state tuition programs do not exceed a total maximum amount determined by § 529 of the Internal Revenue Code for contributions to multiple qualified state tuition programs.
The Maryland prepaid contract plan shall be referred to as the Senator Edward J. Kasemeyer prepaid contract plan.
The State Treasurer shall issue refunds as specified in this section.
Unless authorized by the State Treasurer or under subsection (b) of this section, a refund may not exceed the amount paid into the Trust by the account holder.
A refund equal to the same benefits as provided by the prepaid contract, minus any amount paid out of the funds of the Trust on behalf of the qualified beneficiary and for reasonable administrative charges, shall be made if the beneficiary:
Is awarded a scholarship or tuition remission that covers benefits provided under the prepaid contract; or
Dies or suffers from a disability which prevents the beneficiary from attending an institution of higher education within the time allowed by this subtitle.
A reduced refund of the contributions made to the Trust, as determined by the State Treasurer, shall be made if:
The beneficiary does not attend an institution of higher education;
Benefits are not exercised under the contract within a time specified in the contract; or
The prepaid contract is canceled by the account holder.
The time that a qualified beneficiary spends in active duty as a member of the uniformed services shall be added to the time period allowed to exercise the benefits under a prepaid contract before a termination under paragraph (1) of this subsection.
The Program, Trust, and prepaid contracts issued under this subtitle are not subject to the provisions of the Insurance Article.
The assets and income of the Trust are exempt from State and local taxation.
In this section, “person” does not include the State.
A person may not attach, execute, garnish, or otherwise seize any current or future benefit under a prepaid contract or any asset of the Trust.
Nothing in this subtitle or in any prepaid contract may be construed as a promise or guarantee by the State Treasurer of admission to, continued enrollment at, or graduation from an institution of higher education.
The actual tuition rate charged to a qualified beneficiary shall be determined at the time of enrollment in accordance with the residency policy adopted by the governing board of the institution of higher education at which the qualified beneficiary enrolls.
The State and its agencies or any local government in the State may agree, by contract or otherwise, to remit payments on behalf of an employee toward a prepaid contract through payroll deductions.
The Legislative Auditor shall audit the Trust as provided under Title 2, Subtitle 12 of the State Government Article.
The State Treasurer shall cause an audit of the Trust to be made by an outside independent auditor annually.
The State Treasurer shall pay for the audit required under paragraph (2) of this subsection.
Within 120 days after the close of each fiscal year, the State Treasurer shall submit to the Governor and, subject to § 2–1257 of the State Government Article, to the General Assembly a report including:
The audit of the outside independent auditor;
A financial accounting of the Trust, including:
The annual review of the comprehensive investment plan which shall include:
The status of the investment program, including investment income matched to projected enrollment costs under the existing prepaid contracts;
The assets held in each class of investment, the amount of funds held in any cash pool, the amount of funds held in fixed assets investments, and the amount of funds held in equity investments;
The percentage and dollar value of assets placed with outside managers;
The income produced by each class of investment; and
The income produced by each investment manager; and
A detailed account of the operating and administrative budget for the Trust, which shall include a complete list of revenue sources and expenditures detailing the line item expenditures for:
Salaries, wages, and fringe benefits;
Technical and special fees;
Communication;
Travel;
Contractual services;
Supplies and materials;
Equipment;
Fixed charges; and
Other expenses;
The number of prepaid contracts entered into during the previous fiscal year;
Efforts by the State Treasurer in marketing the prepaid contracts under the Trust; and
Any recommendations of the State Treasurer concerning the operation of the Trust.
The State Treasurer shall make available to each account holder a copy of a summary of the report and the option to purchase the full report at a nominal charge.
The audit required by subsection (a)(2) of this section and the report required by subsection (b) of this section may be combined with any other audit or report for the same fiscal year required to be submitted by the State Treasurer to the Governor and the General Assembly.
Except as provided in paragraphs (2) and (3) of this subsection and notwithstanding any other provision of law, an account holder or a qualified beneficiary may file a claim arising from the administration of the Trust with the State Treasurer, as fiduciary of the Trust.
A claim may be filed only by an account holder or a qualified beneficiary for an account that was open and existing on or after November 1, 2021, by:
An account holder; or
A qualified beneficiary for a distribution that was made to the qualified beneficiary or to an eligible educational institution on the beneficiary’s behalf.
Any claim brought under this section shall be subject to the exclusions and limitations set forth in this subtitle.
A claim filed in accordance with subsection (a) of this section shall be filed:
For a claim relating to the updated terms included in the disclosure statement for the Trust that went into effect November 1, 2021:
Not sooner than the date of the notice to account holders required by subsection (j)(2)(i) of this section; and
Not later than December 31, 2023; or
For all other claims, 1 year after the date the claim arises.
A claim under this section shall:
Contain a concise statement of facts that sets forth the nature of the claim;
State the name, address, telephone number, and e–mail address, if any, of the claimant;
State the Prepaid Trust account number to which the claim relates;
Contain any other information required to be set forth in a claim by any procedures or regulations adopted by the State Treasurer in accordance with subsection (j) of this section;
State the name, address, telephone number, and e–mail address of the legal representative or counsel for the claimant, if any; and
Be signed by the claimant, or the legal representative or counsel for the claimant.
Subject to paragraphs (2) and (3) of this subsection, the State Treasurer shall:
Investigate the claim;
Approve or deny the claim in whole or in part; and
Notify the claimant, or the legal representative or counsel for the claimant, if any, in writing of the final determination.
In the exercise of the State Treasurer’s fiduciary duties, the State Treasurer may:
Delegate, wholly or partly, this responsibility, provided that any delegate shall be a fiduciary with respect to making a final determination of a claim; and
Contract for any support services that are needed to carry out this responsibility.
For claims relating to the updated terms included in the disclosure statement for the Trust that went into effect November 1, 2021, to the extent practicable, the State Treasurer shall prioritize the processing of claims of account holders who:
Have sought distributions for qualified higher education expenses before June 1, 2023; or
Will be seeking distributions for qualified higher education expenses for the fall of calendar year 2023.
Each final determination made by the State Treasurer in accordance with this section shall be made:
Independently and in the State Treasurer’s role as fiduciary to the Trust; and
Solely considering the interests of all of the account holders and qualified beneficiaries under the Trust.
Acceptance of a settlement by a claimant:
With respect to a claim brought in accordance with subsection (b)(1) of this section, shall be conditioned on an agreement of the account holder to transfer all funds in the account to any other qualified state tuition program; and
Is, as to that claimant and any qualified beneficiary of the account to which the claim relates:
Final; and
A complete release of each claim arising from the administration of the Trust against:
The State;
Each of its units;
All State personnel; and
The Trust.
The State Treasurer, as fiduciary of the Trust:
Makes the final determination with respect to claims submitted in accordance with this section; and
Is exempt from the provisions of Title 10, Subtitles 2 and 3 of the State Government Article.
Any claim by an account holder or a qualified beneficiary arising from the administration of the Trust shall be made solely against the assets of the Trust.
Notwithstanding any other provision of law, this section provides the exclusive remedy for a claim against the assets of the Trust.
The State Treasurer shall:
For claims brought in accordance with subsection (b)(1) of this section, establish procedures to implement the claim process established in this section for those claims; and
For all other claims, adopt regulations for the claim process established in this section.
The State Treasurer shall provide notice to account holders within 10 business days of:
The establishment of the procedures described in this subsection; and
The adoption of regulations in accordance with this subsection.