Md. Code Regs. 25.04.01.09

Current through Register Vol. 52, No. 1, January 10, 2025

Section 25.04.01.09 - Action on Approved Claim

A. A settlement of a claim with a claimant shall be final and shall fully dispose of the claim.

B. A settlement of a claim, regardless of amount, is not valid without the approval of the Treasurer or the Treasurer's designee.

C. Payment of a settlement shall be predicated upon the Treasurer's receipt and approval of a release of the claim and all claims relating to or arising from the administration of the Trust against the Treasurer, the State, each of the State's units, all State personnel, Maryland 529, and the Trust, properly executed by the claimant.

D. If a claimant is represented by a legal representative and the claimant's legal representative has presented suitable evidence of authorized representation to the Treasurer, a check issued by the Treasurer in payment of settlement shall, upon request of the claimant's legal representative, designate both the claimant and the legal representative as payee and shall be mailed or delivered to the claimant's legal representative.

E. Acceptance by the claimant of any settlement offered shall:

(1) Be conditioned on an agreement of the account holder to transfer all funds in the prepaid contract account which is the subject of the claim to any other qualified state tuition program;

(2) Be final and conclusive as to the claimant, any qualified beneficiary of the prepaid contract to which the claim relates, the claimant's legal representative, and any other person who has or may make a claim related to the prepaid contract to which the claim relates; and

(3) Constitute a complete release of any claim arising from the administration of the Trust against the Treasurer, the State, each of the State's units, all State personnel, Maryland 529, and the Trust.

Md. Code Regs. 25.04.01.09

Regulation .09 adopted effective 51:20 Md. R. 900, eff. 10/14/2024.