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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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EDUCATION |
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DIVISION III. HIGHER EDUCATION |
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TITLE 18. STUDENT FINANCIAL ASSISTANCE |
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SUBTITLE 19B. MARYLAND BROKER-DEALER COLLEGE INVESTMENT PLAN |
§ 18-19B-05. Debts, contracts, and obligations
Latest version.
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(a) In general. --
(1) The debts, contracts, and obligations of the Broker-Dealer Plan 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.
(2) The Board 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 Broker-Dealer Plan or to make any appropriation for the payment of the debts and obligations of the Broker-Dealer Plan.
(b) Liability for losses or shortage of funds. -- Neither the State nor any eligible educational institution shall be liable for any losses or shortage of funds in the event that the account holder's investment account balance is insufficient to meet the tuition requirements of an institution attended by the qualified designated beneficiary.
(c) No commingling of moneys. -- Moneys of the Broker-Dealer Plan may not be considered moneys of the State or deposited in the State treasury.
(d) No commingling of moneys -- Maryland Prepaid College Trust. -- Moneys of the Broker-Dealer Plan may not be considered moneys of or commingled with the Maryland Prepaid College Trust.
(e) No commingling of moneys -- Maryland College Investment Plan. -- Moneys of the Broker-Dealer Plan may not be considered moneys of or commingled with the Maryland College Investment Plan.