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USA Statutes : maine
Title : Title 20-A. EDUCATION
Chapter : Chapter 417-E. MAINE COLLEGE SAVINGS PROGRAM (HEADING. PL 1997, c. 732, @4 (new))
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Title 20-A - §11471. Definitions
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11471. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
[1997, c. 732, §4 (new).]
1. Advisory committee. "Advisory committee" means the Advisory Committee on College Savings established in this chapter.
[1997, c. 732, §4 (new).]
2. Authority. "Authority" means the Finance Authority of Maine, which serves as administrator of the Maine College Savings Program.
[1997, c. 732, §4 (new).]
3. Beneficiary. "Beneficiary" means any person designated by a participation agreement to benefit from payments for higher education expenses
at an institution of higher education.
[1997, c. 732, §4 (new).]
4. Benefits. "Benefits" means the payment of higher education expenses on behalf of a beneficiary by the Maine College Savings Program
during the beneficiary's attendance at an institution of higher education.
[1997, c. 732, §4 (new).]
5. Board. "Board" means the board of directors of the Finance Authority of Maine.
[1997, c. 732, §4 (new).]
6. Contributions. "Contributions" means amounts deposited by a participant to an account within the program fund.
[1997, c. 732, §4 (new).]
7. Higher education expenses. "Higher education expenses" means the certified expenses for attendance at an institution of higher education as those expenses
are defined by rule of the authority consistent with applicable provisions of the Internal Revenue Code and its regulations
addressing qualified state tuition programs.
[1997, c. 732, §4 (new).]
8. Institution of higher education. "Institution of higher education" means an institution of higher education that meets the requirements established by rule
of the authority consistent with applicable provisions of the Internal Revenue Code and its regulations addressing qualified
state tuition programs.
[1997, c. 732, §4 (new).]
9. Participant. "Participant" means any person who has entered into a participation agreement pursuant to this chapter.
[1997, c. 732, §4 (new).]
10. Participation agreement. "Participation agreement" means an agreement between a participant and the authority providing for the establishment by
the participant of one or more accounts within the program fund and for the administration of those accounts for the benefit
of the participant and of one or more beneficiaries.
[1997, c. 732, §4 (new).]
11. Program earnings. "Program earnings" means all interest, dividends, premiums, fees, profits upon disposition of assets and other revenue actually
received by or on behalf of the program with respect to any assets held within the program fund to which that asset may be
credited, less all administrative costs of the program and the program fund, as periodically determined by the authority.
[1997, c. 732, §4 (new).]
12. Tuition. "Tuition" means the charges imposed to attend an institution of higher education and required as a condition of enrollment.
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11472. Maine College Savings Program
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11472. Maine College Savings Program
The Maine College Savings Program, referred to in this chapter as the "program," is established to encourage the investment
of funds to be used for higher education expenses at institutions of higher education. The authority shall administer the
program and act as administrator of the program fund.
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11473. Maine College Savings Program Fund
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11473. Maine College Savings Program Fund
1. Creation. The Maine College Savings Program Fund, referred to in this chapter as the "program fund," is established as a nonlapsing
fund to be directed and administered by the authority and held by the Treasurer of State. The Treasurer of State shall keep
the program fund segregated from all other funds held by the Treasurer of State and shall invest and reinvest the program
fund for the benefit of the program under the direction of and with the advice of the advisory committee. The program fund
so administered is a fund held on behalf of participants and beneficiaries who are deemed specifically named persons for the
purposes of Title 5, section 135-A.
[1997, c. 732, §4 (new).]
2. Sources of money. The following sources of money must be paid into the program fund:
A. All money appropriated for inclusion in the program fund;
[1997, c. 732, §4 (new).]
B. All interest, dividends or other pecuniary gains from investment of money in the program fund;
[1997, c. 732, §4 (new).]
C. All money received pursuant to participation agreements;
[1997, c. 732, §4 (new).]
D. Any grants, gifts and other money from the State and from any unit of federal, state or local government or from any person,
firm, partnership or corporation for deposit to the program fund. Contributions may be limited in application to specified
classes of beneficiaries; and
[1997, c. 732, §4 (new).]
E. Any other money available to the authority and directed by the authority to be paid into the program fund.
[1997, c. 732, §4 (new).]
[1997, c. 732, §4 (new).]
3. Application of program fund. Money in the program fund may be applied to carry out any power of the authority under or in connection with this chapter.
All money in the program fund must be continuously applied by the authority to carry out this chapter and for no other purpose.
Assets of the program fund must at all times be preserved, invested and expended only for the purposes of the program and
must be held for the benefit of the participants and beneficiaries, including the refunding of fees paid by participants or
any class of participants, the matching of contributions made by participants or any class of participants or the use of funds
to provide scholarships to program account beneficiaries who attend institutions of higher education whether or not in the
State. Assets may not be transferred or used by the State or the authority for any purposes other than the purposes of the
program. All amounts in the program fund, except for contributions and program earnings that have been credited to an account,
may be used by the authority to pay the administrative costs of the program and program fund, as determined by the authority.
[2001, c. 380, §1 (amd).]
4. Accounts within program fund. The authority may divide the program fund into separate accounts for any purpose it determines necessary or convenient for
carrying out the purposes of this chapter, including, without limitation, the establishment of appropriate reserve funds for
investment and operating expenses.
[1997, c. 732, §4 (new).]
5. Common investment of funds. The authority may commingle amounts credited to some or all accounts for investment purposes and may provide for the application
of program earnings to pay any administrative costs of the program fund prior to crediting program earnings to participants'
accounts.
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
PL 2001,
Ch. 380,
§1
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11474. Powers of the authority
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11474. Powers of the authority
The authority, in the capacity as administrator of the program fund, in addition to all of the powers set out in Title 10,
section 969-A, may:
[1997, c. 732, §4 (new).]
1. Enter into contracts. Make and enter into contracts necessary for the administration of the program fund, including, without limitation, agreements
with any financial institution or institution of higher education or with the State or any federal or state agency or any
other entity;
[1997, c. 732, §4 (new).]
2. Invest funds. With the advice of the advisory committee, direct the Treasurer of State to invest and reinvest money in the program fund
in any investments determined by the authority to be appropriate, notwithstanding any general statutory limitations on investments
of public funds specifically determined to be inapplicable to the program fund. The authority must invest money from the program
fund in financial institutions located in the State to the extent determined reasonable by the authority;
[1997, c. 732, §4 (new).]
3. Participation agreements. Enter into participation agreements with participants in accordance with the requirements of section 11475;
[1997, c. 732, §4 (new).]
4. Make payments. Make payments to beneficiaries and to institutions of higher education on behalf of beneficiaries;
[1997, c. 732, §4 (new).]
5. Make refunds. Make refunds to participants on the termination of participation agreements pursuant to the provisions, limitations and
restrictions set forth in this chapter;
[1997, c. 732, §4 (new).]
6. Appoint a program administrator. Appoint a program administrator and other employees necessary to carry out the duties of this chapter;
[1997, c. 732, §4 (new).]
7. Carry out studies. Carry out studies and projections to advise participants regarding present and future estimated higher education expenses
and levels of financial participation in the program required to enable participants to achieve their educational funding
objectives;
[1997, c. 732, §4 (new).]
8. Participate in programs. Participate in any federal, state or local governmental program for the benefit of the program or the program fund, including,
without limitation, soliciting, establishing and participating in a program providing limits on future increases in the costs
of education at participating institutions of higher education on those terms and conditions that the authority may negotiate
with the institutions;
[1997, c. 732, §4 (new).]
9. Procure insurance. Procure insurance against any loss in connection with the property or assets or activities of the program or the program
fund;
[1997, c. 732, §4 (new).]
10. Administer the program fund. Administer the program fund;
[1997, c. 732, §4 (new).]
11. Borrow money. Borrow money the authority determines necessary and prudent to the administration of the program and the program fund.
Loans may be obtained from any source, including other funds of the authority;
[1997, c. 732, §4 (new).]
12. Transfer investments. Sell, assign, transfer and dispose of any of the securities and investments of the program. All investments must be clearly
marked to indicate designation to the program fund and, to the extent possible, must be registered in the name of the program.
All interest derived from investments and any gains from the sale or exchange of investments must be credited by the authority
to the account of the program;
[1997, c. 732, §4 (new).]
13. Employ investment managers and consultants. Contract for goods and services and engage personnel and consultants, including investment advisors and managers, actuaries,
managers, counsel, marketing consultants, fiduciaries and auditors, and evaluation services or other services as determined
necessary by the authority for the effective and efficient operation of the program. Directly or through an investment consultant,
the authority may contract to provide services that are a part of the comprehensive investment plan or as determined necessary
by the authority or the consultant, including, but not limited to, providing consolidated billing, individual and collective
record keeping and accounting and asset purchase, control and safekeeping; and
[1997, c. 732, §4 (new).]
14. Fund costs and expenses. Fund all costs and expenses incurred in connection with the exercise of its powers under this chapter as administrative
costs of the program and the program fund. The authority may not assess the program fund a fee in excess of 1% of the balance
in the fund in any year for the administrative costs and expenses of the program.
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11475. Participation agreement
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11475. Participation agreement
The authority may enter into a participation agreement with a participant on behalf of a beneficiary pursuant to the following
terms and conditions.
[1997, c. 732, §4 (new).]
1. Periodic payments. A participation agreement may require or permit a participant to invest a specific amount of money in the program fund for
a specific period of time for the benefit of a specific beneficiary. Periodic deposits may be made through a payroll deduction
plan or an automatic deposit plan or through assignment of state tax refunds. A participation agreement establishing such
a periodic deposit plan may include provisions to adjust scheduled deposits on the basis of change in a participant's economic
circumstances or a beneficiary's educational plans and may provide for penalties on a participant's failure to make deposits
as scheduled. A participation agreement establishing such a plan must provide for the limitation of scheduled deposits by
the authority as necessary to ensure that a participant's account does not exceed the amount necessary to pay the beneficiary's
projected higher education expenses.
[1997, c. 732, §4 (new).]
2. Lump-sum payments. A participation agreement may permit a participant to make one or more lump-sum deposits to an account for the benefit of
a specific beneficiary. Lump-sum deposits may be made through the assignment of state tax refunds.
[1997, c. 732, §4 (new).]
3. Designation of beneficiaries. Except for accounts opened by a state or local governmental entity or charitable organization, an application or participation
agreement must designate the name and date of birth of the beneficiary.
[2001, c. 380, §2 (amd).]
4. Change of beneficiary. A beneficiary may be changed as permitted by rule of the authority upon written request of the participant, provided that
the substitute beneficiary is eligible.
[1997, c. 732, §4 (new).]
5. Amendment. A participation agreement may be freely amended throughout its term to enable a participant to increase or decrease the
level of participation, change the designation of a beneficiary and carry out similar matters.
[1997, c. 732, §4 (new).]
6. Enrollment fee. The authority may not charge an enrollment fee for participation in the program.
[1997, c. 732, §4 (new).]
7. Cancellation. A participation agreement must provide that the participation agreement may be canceled upon the terms and conditions of
the agreement and upon payment of the fees, expenses and penalties set forth in rules adopted by the authority.
[1997, c. 732, §4 (new).]
8. Separate accounts. A participation agreement must require that the authority maintain each participant's account separately, subject to commingling
for investment purposes, and report the status of each participant's account to the participant on a periodic basis, as established
by rule of the authority.
[1997, c. 732, §4 (new).]
9. Rights and obligations. A participation agreement must include any other rights and obligations of the participant, the beneficiary and the authority.
[1997, c. 732, §4 (new).]
10. Terms and conditions. A participation agreement may include other terms and conditions the authority determines necessary, including a limitation
on liability of the authority to the extent funds are disbursed in good faith.
[1997, c. 732, §4 (new).]
11. No guaranty of admission. The execution of a participation agreement by the authority does not guarantee in any way that higher education expenses
will be equal to projections and estimates provided by the authority or that the beneficiary named in any participation agreement
will:
A. Be admitted to an institution of higher education;
[1997, c. 732, §4 (new).]
B. Be allowed to continue attendance at the institution of higher education following admission; or
[1997, c. 732, §4 (new).]
C. Graduate from the institution of higher education.
[1997, c. 732, §4 (new).]
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
PL 2001,
Ch. 380,
§2
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11476. Investment options and parameters
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11476. Investment options and parameters
The authority, with the advice of the advisory committee, may provide investment options for a participant within the program
fund to the extent permitted by Internal Revenue Code provisions addressing qualified state tuition programs. The authority,
with the advice of the advisory committee, shall invest the amounts on deposit in the program fund in a reasonable manner
to achieve the objectives of each fund, exercising the discretion and care of a prudent person in similar circumstances with
similar objectives. A participant or designated beneficiary may not direct the investment of any amounts on deposit in the
program fund, except to the extent allowed pursuant to provisions of the Internal Revenue Code addressing qualified state
tuition programs. The authority shall give due consideration to rate of return, term or maturity, diversification and liquidity
of investments within the program fund or any account in the program fund pertaining to the projected disbursements and expenditures
from the program fund and the expected payments, deposits, contributions and gifts to be received.
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11477. Early termination or overfunding of participation agreement
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11477. Early termination or overfunding of participation agreement
1. Cancellation. The authority may by rule establish fees and penalties applicable to early termination, overfunding of accounts or failure
to use the program fund for an eligible purpose.
[1997, c. 732, §4 (new).]
2. Death or disability. The authority may not levy or assess an administration refund fee or penalty upon a participant's termination of a participation
agreement under the following circumstances:
A. Death of the beneficiary;
[1997, c. 732, §4 (new).]
B. Permanent disability or mental incapacity of the beneficiary; or
[1997, c. 732, §4 (new).]
C. Receipt by the beneficiary of a scholarship or educational funding, identified by rule of the authority, resulting in an
excess of funds in the account not needed to pay higher education expenses.
[1997, c. 732, §4 (new).]
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11478. Ownership of account; transfer of ownership rights
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11478. Ownership of account; transfer of ownership rights
For all purposes of the laws of the State, the following provisions apply.
[1997, c. 732, §4 (new).]
1. Participant retains ownership. The participant retains ownership of all contributions and all program earnings credited to a participant's account under
a participation agreement up to the date of utilization for payment of higher education expenses for the beneficiary and,
notwithstanding any other provision of law, an amount credited to any account is not susceptible to levy, execution, judgment
or other operation of law, garnishment or other judicial enforcement and the amount is not an asset or property of either
the participant or the beneficiary for purposes of any state insolvency laws. Notwithstanding this subsection, an amount
credited to the participant's account may not be included in any gross estate of the participant for purposes of state tax
law, except to the extent that the amount may be includable in any gross estate for purposes of federal tax law.
[1997, c. 732, §4 (new).]
2. Institution of higher education is owner upon payment. The institution of higher education obtains ownership of the amounts disbursed from an account to the institution of higher
education with respect to the higher education expenses paid to the institution at the time each disbursement is made to the
institution, subject to any applicable refund policy or other policies of the institution.
[1997, c. 732, §4 (new).]
3. Transfer of ownership. A participant may transfer ownership rights to another eligible participant, including, but not limited to, a gift of the
ownership rights to a minor beneficiary pursuant to Title 33, chapter 32; except that, notwithstanding any provision of Title
33, chapter 32, the transfer must be effected and the property distributed in accordance with rules adopted by the authority
or the terms of the participation agreement.
[1997, c. 732, §4 (new).]
3-A. Successor participants. A participant may designate another person as successor owner of the account in the event of the death or disability of
the participant.
[2001, c. 380, §3 (new).]
4. Jurisdictional effect. A person may not be deemed a resident of the State or be deemed as present in the State for jurisdictional purposes solely
by reason of being a beneficiary or participant of an account.
[1997, c. 732, §4 (new).]
5. Not security. A person may not pledge any interest in an account as security for a loan or other debt.
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
PL 2001,
Ch. 380,
§3
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11479. Tax exemption
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11479. Tax exemption
The assets of the program fund, all program earnings and any income from operations are exempt from all taxation by the State
or any of its political subdivisions. A deposit to any account, transfer of that account to a successor participant, designation
of a successor beneficiary of that account, credit of program earnings to that account or distribution from that account used
for the purpose of paying higher education expenses of the designated beneficiary of that account pursuant to this chapter
does not subject that participant, the estate of that participant or any beneficiary to any state income or estate tax liability.
In the event of cancellation or termination of a participation agreement and distribution of funds to a participant, the
increase in value over the amount deposited in the program fund by that participant may be taxable to that participant in
the year distributed.
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11480. Rights of participants and beneficiaries to assets of the authority
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11480. Rights of participants and beneficiaries to assets of the authority
Participants and beneficiaries do not have access or rights to any assets of the authority other than program fund assets
credited to the account of that participant or beneficiary. An account may not be deemed a debt or obligation of the authority
or of the State.
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11481. Release of information
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11481. Release of information
Notwithstanding any other provision of law, including, without limitation, Title 1, chapter 13, subchapter I and Title 10,
section 975-A, the authority may provide information regarding individual participation accounts as required by federal law
and laws of the state of residence of any participant or beneficiary.
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11482. Exemption from registration
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11482. Exemption from registration
A participation agreement offered pursuant to this chapter is not a security as defined in Title 32, section 16102, subsection
28. The authority may obtain written advice of legal counsel or written advice from the United States Securities and Exchange
Commission, or both, that the offering of a participation agreement is not subject to federal securities laws but is in compliance
with those laws and is not in violation of other applicable laws.
[2005, c. 65, Pt. C, §9 (amd).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
PL 2005,
Ch. 65,
§C9
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11483. Compliance with federal law
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11483. Compliance with federal law
The authority may take any action necessary to ensure that the program complies with the federal Internal Revenue Code of
1986, Section 529, as amended, and any successor provisions and other applicable laws, rules and regulations adopted pursuant
to that provision to the extent necessary for the program fund to constitute a qualified state tuition program with the benefits
of eligibility under provisions of the federal Internal Revenue Code addressing qualified state tuition programs.
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11484. Advisory Committee on College Savings
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11484. Advisory Committee on College Savings
The Advisory Committee on College Savings, referred to in this chapter as the "advisory committee," is created to provide
advice to the authority on the operation of the program and investment of the program fund.
[1997, c. 732, §4 (new).]
1. Membership. The advisory committee consists of 7 members as follows:
A. The Treasurer of State, who serves as the chair of the advisory committee;
[1997, c. 732, §4 (new).]
B.
[2001, c. 417, §18 (rp).]
B-1. One member appointed by the Governor with knowledge of student financial assistance;
[2001, c. 417, §19 (new).]
B-2. One member appointed by the Governor from at large;
[2001, c. 417, §19 (new).]
C. Two members appointed by the Governor with experience in and knowledge of institutional investment of funds; and
[1997, c. 732, §4 (new).]
D. Two members appointed by the Governor representing institutions of higher education with experience in and knowledge of
higher education financial and investment matters. One member must be appointed to represent public institutions of higher
education and one member must be appointed to represent private institutions of higher education.
[1997, c. 732, §4 (new).]
[2001, c. 417, §§18, 19 (amd).]
2. Terms. Members must be appointed for terms of 4 years. Members may be removed for cause. The member appointed by the Governor
under subsection 1, paragraph B-1 must be appointed for an initial term of 3 years. The member appointed by the Governor
under subsection 1, paragraph B-2 must be appointed for an initial term of 4 years.
A.
[2001, c. 417, §20 (rp).]
B.
[2001, c. 417, §20 (rp).]
[2001, c. 417, §20 (rpr).]
3. Compensation. Members of the advisory committee are compensated in accordance with Title 5, chapter 379.
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
PL 2001,
Ch. 417,
§18-20
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11485. Rulemaking
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11485. Rulemaking
The authority must establish rules for the implementation of the program established by this chapter, including rules establishing
fees and penalties and rules necessary to ensure treatment as a qualified state tuition program for federal tax purposes.
Rules adopted pursuant to this section, including those setting fees and penalties, are routine technical rules as defined
by Title 5, chapter 375, subchapter II-A. The authority shall submit a report to the joint standing committee of the Legislature
having jurisdiction over education and cultural affairs by January 30, 1999 on the rules and rule-making process to implement
a program providing limits on future increases in the costs of education of participating institutions of higher education
pursuant to section 11474, subsection 8.
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11486. Liberal construction
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE COLLEGE SAVINGS PROGRAM (HEADING: PL 1997, c. 732, @4 (new))
§11486. Liberal construction
This chapter must be construed liberally in order to effectuate its legislative intent.
[1997, c. 732, §4 (new).]
Section History:
PL 1997,
Ch. 732,
§4
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
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