(a) The Board shall purchase a bond for each fiduciary in accordance with Title 9, Subtitle 17 of the State Government Article.
(b) Unless a fiduciary is bonded, the fiduciary may not exercise custody or control of any assets of the Trust.
(c) A fiduciary may not allow another fiduciary to act in violation of this section.
Structure Maryland Statutes
Division III - Higher Education
Title 18 - Student Financial Assistance
Subtitle 19 - Maryland 529 Program
Section 18-1902 - Policy Statement
Section 18-1902.1 - Maryland 529
Section 18-1903 - Trust Established; Purpose; Funds
Section 18-1904 - Maryland 529 Board
Section 18-1905 - Officers; Powers and Duties of Board
Section 18-1905.1 - Additional Duties -- Marketing Plan to Increase Participation in Maryland 529
Section 18-1906 - Comprehensive Investment Plan
Section 18-1906.1 - Obligations Exceeding Market Value of Trust Assets
Section 18-1907 - Trust Management and Administration; Fiduciary
Section 18-1908 - Bonding of Fiduciary
Section 18-1909 - Contracts; Community College, University, and Two Plus Two Plans
Section 18-1911 - Insurance Article Inapplicable
Section 18-1912 - State and Local Tax Exemption
Section 18-1913 - Seizure of Contract Benefits Prohibited
Section 18-1914 - Admission and Tuition