Maryland § 7-4A-03
Full text of Maryland Maryland Code § 7-4A-03, with citation guidance and answers to common questions.
§ 7-4A-03.
(a) There is a Family Security Trust Fund.
(b) The Board shall:
(1) Administer the Fund; and
(2) Over a reasonable period of time, build the Fund to a level of $1,000,000 and thereafter maintain the Fund at that level.
(c) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(d) (1) The Board shall deposit all money collected to the credit of the Fund with the State Treasurer for placement into a special account.
(2) (i) The State Treasurer may invest or reinvest money in the Fund in the same manner as money in the State Retirement and Pension System.
(ii) The investment earnings shall be:
1. Except as provided in paragraph (3) of this subsection, credited to the Fund; and
2. Available for the same purposes as the money deposited into the Fund.
(3) If the level of the Fund exceeds $1,000,000, the State Treasurer shall pay the investment earnings of the Fund into the General Fund of the State.
(e) The Fund is not liable for any other expenses or obligations of the Board.
(f) (1) Accounting and financial reports related to the Fund shall be publicly available in a timely manner.
(2) The Legislative Auditor shall audit the accounts and transactions of the Fund as provided in § 2–1220 of the State Government Article.
(g) (1) The Board may retain the services of appropriate experts or service providers to advise about, or administer, the Fund.
(2) The costs of the services described in paragraph (1) of this subsection shall be paid out of the Fund.
(h) The Board shall adopt regulations for the administration and claims procedures of the Fund.
Frequently Asked Questions About Maryland § 7-4A-03
What does Maryland Code § 7-4A-03 cover?
Section 7-4A-03 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 § 7-4A-03?
A common citation format is "Maryland Code § 7-4A-03" (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 § 7-4A-03 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.