About Statutes

This page accesses the Code of Maryland (Statutes) and the Maryland Municipal Charters and Resolutions as compiled and maintained by the Department of Legislative Services.

The Code is arranged by and organized into “Articles” (e.g. Transportation Article), which are further subdivided into “titles”, “subtitles”, “sections”, “subsections”, “paragraphs”, subparagraphs”, etc.

Note that the “official” compilation of the laws (Chapters) enacted at each session of the General Assembly is published by the State as the “Laws of Maryland”, commonly referred to as the “Session Laws”. The Session Laws for each session are compiled chronologically by chapter number and serve as the source law from which the statutes accessed here are derived.

While the “Laws of Maryland” (Session Laws) constitute the official laws of the State, this Code and the annotated versions noted below are accepted as “evidence” of the law in all State courts and by all public offices and officials (See § 10-201 of the Courts & Judicial Proceedings Article). However, in the event of a conflict between the Code and the Session Laws, the Session Laws prevail.

Note: Annotated versions of the Code, published by LexisNexis and West, are available in book and online formats. These Annotated Codes include references to case law, related citations, and explanatory notations.

The Municipal Charters are updated each year by incorporating all charter resolutions received by the Department through May 31 of that year. Individual Municipal Resolutions are published to the General Assembly website as they are received by the Department.

Statute Text

Article - Education
(a)   The Board 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 Board shall administer, manage, and promote the Broker–Dealer Plan.
(2)   The Board shall administer the Broker–Dealer Plan in compliance with Internal Revenue Service standards for qualified State tuition programs.
(d)    (1)   The Board 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; and
(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
(2)   The Board shall adopt any other procedures that the Board considers necessary to carry out the provisions of this subtitle.
(e)   At least annually, the Board 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.