Md. Code Regs. 10.29.15.04

Current through Register Vol. 51, No. 12, June 14, 2024

Section 10.29.15.04 - The Family Security Trust Fund

A. The Board shall:

(1) Collect the mandatory contributions;

(2) Deposit the funds;

(3) Track interest; and

(4) Process claims for loss that occurred on or after January 1, 2010.

B. All fees shall be deposited with the State Treasurer into a separate account known as the Family Security Trust Fund. The Fund may not be transferred to or revert to the General Fund of the State.

C. All moneys deposited in the Fund shall be used only for the purposes expressly authorized by Health Occupations Article, § 7-04 A-05, Annotated Code of Maryland.

D. The Fund shall accumulate interest income which shall be credited to the Fund.

E. Once the Fund has accumulated a balance of $1,000,000 the Board shall cease to collect the annual fee.

F. if the Fund falls below $1,000,000, the Board shall reinstate a fee up to $375 to be assessed by the Board.

G. The Fund shall be maintained at $1,000,000 principal level plus interest.

H. The Board may expend monies in the Fund for the following purposes:

(1) To make reimbursements on approved claims; and

(2) To pay the expenses of the Board for administering the Fund, including appropriate experts, or legal counsel, accountants, consultants, and agents.

Md. Code Regs. 10.29.15.04

Regulation .04 amended effective 45:7 Md. R. 345, eff. 4/9/2018