Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18)
Section 457-611-12 - WITHDRAWALS FOR PURPOSES OTHER THAN QUALIFIED HIGHER EDUCATION EXPENSES

Universal Citation: 94 ME Code Rules ยง 457-611-12

Current through 2024-13, March 27, 2024

A. A participant may withdraw funds from the account, subject to the penalties or additional tax identified in section 11. Any investment losses will be deducted from the principal amount of contributions. In addition, a fee may be levied by the Authority to reasonably compensate the Authority for its costs incident to the participant's account.

B. [Repealed effective July 1, 1999]

C. Except as otherwise specifically provided herein, only the participant for each account may close an account or direct a withdrawal.

D. Distributions under this section will not be made to anyone other than the participant for each account, unless the participant properly directs the Authority's designated agent or contractor to provide the distribution to another distributee and such instruction is accepted by the agent or contractor.

E. [Repealed effective June 4, 2002]

F. [Repealed effective June 4, 2002]

G. The Authority may notify the participant of any account in which a balance remains:

(i) upon graduation of the beneficiary from an institution of higher education;

(ii) upon the completion of any five year period, subsequent to the initial qualified withdrawal, during which period no withdrawal is made;

(iii) upon the completion of the last period of beneficiary usage projected when an account is established; or

(iv) upon determination by the Authority that no eligible beneficiary exists, of the amount of such balance and may request directions from the participant as to the application of such balance. If the participant fails to provide such direction with respect to all or part of such balance within 75 days, the Authority may close the account and disburse all amounts remaining to the participant.

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