§ 18-19B-03. Proposals, fees, contributions, and forms of plan

   (a) Issuance of requests for proposals; criteria. --

   (1) The Board may issue requests for proposals to evaluate and determine the means for the administration, management, promotion, or marketing of the Broker-Dealer Plan.

   (2) The Board shall consider proposals that meet the following criteria:

      (i) Ability to develop and administer an investment program of a nature similar to the objectives of the Broker-Dealer Plan;

      (ii) Ability to administer financial programs with individual account records and reporting; and

      (iii) Ability to market the Broker-Dealer Plan to Maryland residents and, at the Board's discretion, nonresidents of Maryland.

(b) Fees. --

   (1) The Board may require an initial enrollment fee to be used for administrative costs of the Broker-Dealer Plan.

   (2) The Board may require additional fees associated with the expenses of the Broker-Dealer Plan.

(c) Contributions. --

   (1) Contributions to the Broker-Dealer Plan on behalf of a qualified designated beneficiary may not exceed the maximum amount determined by the Board to be in accordance with § 529 of the Internal Revenue Code.

   (2) Contributions to the Broker-Dealer Plan may be made only in cash or cash equivalents.

   (3) The Broker-Dealer Plan shall include provisions for automatic contributions.

(d) Forms of plan. --

   (1) The Broker-Dealer Plan:

      (i) May be established as one or more separate plans as determined by the Board;

      (ii) If established by the Board, shall be established in the form determined by the Board;

      (iii) Shall be marketed and promoted under the name or names determined by the Board; and

      (iv) May be established as one or more trusts to be declared by the Board.

   (2) The Broker-Dealer Plan may be divided into multiple investment options.

HISTORY: 2008, ch. 548.