Maryland § 18-19B-02
Full text of Maryland Maryland Code § 18-19B-02, with citation guidance and answers to common questions.
§ 18-19B-02.
(a) The State Treasurer may establish a Maryland Broker–Dealer College Investment Plan.
(b) 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) (1) The State Treasurer shall administer, manage, and promote the Broker–Dealer Plan.
(2) The State Treasurer shall administer the Broker–Dealer Plan in compliance with Internal Revenue Service standards for qualified state tuition programs.
(d) (1) The State Treasurer 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;
(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
(v) Transfer of funds from the Broker–Dealer Plan to a qualified ABLE program established in accordance with § 529A of the Internal Revenue Code.
(2) The State Treasurer shall adopt any other procedures that the State Treasurer considers necessary to carry out the provisions of this subtitle.
(e) 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;
(3) Withdrawals from the account during the previous year; and
(4) Ending investment account value.
Frequently Asked Questions About Maryland § 18-19B-02
What does Maryland Code § 18-19B-02 cover?
Section 18-19B-02 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 18-19B-02?
A common citation format is "Maryland Code § 18-19B-02" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 18-19B-02 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.