# COMAR Title 14 — Independent Agencies

## Subtitle 15 — College Savings Plans of Maryland

### Chapter 01 — Master Agreement for Contract Holders

*Repealed*

**Administrative History:** Effective date: September 6, 1999 (26:18 Md. R. 1376)

**Administrative History:** Regulations .01—.03 repealed effective April 1, 2013 (40:6 Md. R. 475)

### Chapter 02 — Maryland College Investment Plan

**Authority:** Education Article, §18-1905, Annotated Code of Maryland

**Administrative History:** Effective date:

**Administrative History:** Regulations .01—.04 adopted as an emergency provision effective November 11, 2002 (29:24 Md. R. 1915); emergency status extended at 30:6 Md. R. 417; emergency status expired July 1, 2003; adopted permanently effective July 21, 2003 (30:14 Md. R. 938)

#### Regulation .01 Definitions.

*COMAR 14.15.02.01*

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

  (1) “Board” means the Maryland Higher Education Investment Board.

  (2) “Contributor” means the person who establishes an investment account on behalf of a qualified designated beneficiary.

  (3) “Investment account” means an account established by a contributor under this subtitle on behalf of a qualified designated beneficiary for the purpose of applying distributions toward qualified higher education expenses at eligible educational institutions. An investment account may include more than one investment option.

  (4) “Investment option” means the investment portfolios available to contributors in the plan.

  (5) “Master account statement” means the statement of the beginning balance, contributions, withdrawals, and the ending value of each investment option selected by a contributor for a particular qualified designated beneficiary.

  (6) “Plan” means the Maryland College Investment Plan.

  (7) “Qualified designated beneficiary” has the meaning stated in §529(e) of the Internal Revenue Code.

#### Regulation .02 Duties, Responsibilities, and Authority over the Plan.

*COMAR 14.15.02.02*

To carry out Education Article, Title 18, Subtitle 19A, Annotated Code of Maryland, the Board has been vested with the authority to adopt regulations which are consistent with those provisions and to establish the form of the Plan, including determinations as to the establishment of a trust and the offering of multiple investment options.

#### Regulation .03 Form of Plan.

*COMAR 14.15.02.03*

The Plan shall be established in the form of a trust titled the Maryland College Investment Plan Trust. The Plan shall offer not less than three and not more than 20 investment options.

#### Regulation .04 Statements.

*COMAR 14.15.02.04*

At least annually, each contributor shall receive a master account statement that provides separate accounting for each investment option selected by the contributor for a particular qualified designated beneficiary and itemized contributions and withdrawals for each investment option during the period covered by the master account statement. The master account statement shall identify each investment option selected by the contributor for the qualified designated beneficiary. The master account statement may identify each investment option by a separate identifying number. A contributor shall receive a separate master account statement for each qualified designated beneficiary for whom the contributor establishes an investment account.