Sec. 14.15.02.01. Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Board" means the Maryland Higher Education Investment Board.

(2) "Contributor" means the person who establishes an investment account on behalf of a qualified designated beneficiary.

(3) "Investment account" means an account established by a contributor under this subtitle on behalf of a qualified designated beneficiary for the purpose of applying distributions toward qualified higher education expenses at eligible educational institutions. An investment account may include more than one investment option.

(4) "Investment option" means the investment portfolios available to contributors in the plan.

(5) "Master account statement" means the statement of the beginning balance, contributions, withdrawals, and the ending value of each investment option selected by a contributor for a particular qualified designated beneficiary.

(6) "Plan" means the Maryland College Investment Plan.

(7) "Qualified designated beneficiary" has the meaning stated in §529(e) of the Internal Revenue Code.