Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18)
Section 457-611-7 - OWNERSHIP OF CONTRIBUTIONS AND EARNINGS

Universal Citation: 94 ME Code Rules ยง 457-611-7

Current through 2024-13, March 27, 2024

A. The participant shall retain ownership of all contributions made under any participation agreement and earnings on those contributions up to the date of withdrawal.

B. In the event the participation agreement is terminated by the participant prior to payment of qualified higher education expenses, the participant shall retain ownership of all contributions made under the participation agreement and a right to receive earnings (less any applicable taxes and/or penalties, administrative fees and investment losses) on all contributions to the program account.

C. An institution of higher education shall own payments made to it for qualified higher education expenses at the time each is made to the institution except to the extent the institution is required to refund such payments in accordance with its refund policies.

Disclaimer: These regulations may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.