Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18)
- Section 457-611-1 - DEFINITIONS
- Section 457-611-2 - PROGRAM IMPLEMENTATION
- Section 457-611-3 - ADVISORY COMMITTEE ON EDUCATION SAVINGS
- Section 457-611-4 - OPENING AN ACCOUNT
- Section 457-611-5 - PARTICIPATION AGREEMENTS
- Section 457-611-6 - LIMITATIONS ON CONTRIBUTIONS
- Section 457-611-7 - OWNERSHIP OF CONTRIBUTIONS AND EARNINGS
- Section 457-611-8 - WITHDRAWALS
- Section 457-611-9 - PARTICIPATING FINANCIAL INSTITUTIONS
- Section 457-611-10 - ADMINISTRATION AGREEMENTS
- Section 457-611-11 - FEES AND PENALTIES
- Section 457-611-12 - WITHDRAWALS FOR PURPOSES OTHER THAN QUALIFIED HIGHER EDUCATION EXPENSES
- Section 457-611-13 - TRANSFER OF OWNERSHIP
- Section 457-611-14 - TAX CONSEQUENCES
- Section 457-611-15 - APPEAL
- Section 457-611-16 - WAIVER OF RULE
- Section 457-611-17 - CONFLICT OF INTEREST
- Section 457-611-18 - USE OF MAINE ADMINISTRATION FEE
Summary: The Maine Education Savings Program, formerly known as the Maine College Savings Program, is established as a qualified tuition program pursuant to Section 529 of the Internal Revenue Code of 1986, as amended, and regulations promulgated there under. This rule establishes the procedures, standards and eligibility requirements for investment in accounts, into which a participant may invest funds to be used to pay qualified higher education expenses. The rule also establishes the procedures, standards and eligibility requirements of the Matching Grant Programs, the Fee Waiver or Rebate Program and the Scholarship Programs.
STATUTORY AUTHORITY: 10 MRS §969-A ; 20-A MRS §11485
