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Maryland Code, Education § 18-19C-05

Current as of January 01, 2025 | Updated by Findlaw Staff

(a)(1) The debts, contracts, and obligations of the Maryland ABLE Program 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 State Treasurer may not 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 Maryland ABLE Program or to make any appropriation for the payment of the debts and obligations of the Maryland ABLE Program.

(b) The State may not be liable for any losses or shortage of funds in the event that the designated beneficiary's ABLE account balance is insufficient to meet the designated beneficiary's qualified disability expenses.

(c) Money of the Maryland ABLE Program may not be considered money of the State or deposited in the State Treasury.

(d) Money of the Maryland ABLE Program may not be considered money of or commingled with the Maryland Senator Edward J. Kasemeyer Prepaid College Trust.

(e) Money of the Maryland ABLE Program may not be considered money of or commingled with the Maryland Senator Edward J. Kasemeyer College Investment Plan.

(f) Money of the Maryland ABLE Program may not be considered money of or commingled with the Maryland Broker-Dealer College Investment Plan.

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Cite this article: FindLaw.com - Maryland Code, Education § 18-19C-05 - last updated January 01, 2025 | https://codes.findlaw.com/md/education/md-code-educ-sect-18-19c-05/

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