AN ACT concerning
Education Maryland Education Fund Establishment and Funding
FOR the purpose of establishing the Maryland Education Fund as a special, nonlapsing fund; establishing the purpose and contents of the Fund; requiring the State Superintendent of Schools to administer the Fund and to adopt certain regulations; requiring the State Treasurer to hold the Fund separately and to invest the money of the Fund in a certain manner; requiring the Comptroller to account for the Fund; providing that expenditures from the Fund may be made only in a certain manner; providing that on a certain date the balance remaining on a gift certificate shall be presumed to be abandoned; requiring a person that sells or issues gift certificates in the State to remit to the Comptroller the remaining balances on certain gift certificates on or before a certain date each year; requiring the Comptroller to distribute certain revenues to the Maryland Education Fund on or before a certain date each year; altering the information that must be printed on a gift certificate, a sticker permanently affixed to a gift certificate, or an envelope containing a gift certificate; requiring a person that sells or issues a gift certificate in the State to maintain accounts, books, and records relating to the sale and issuance of the gift certificate for a certain period of time; requiring the person to make the accounts, books, and records available for inspection by the Comptroller on request; defining a certain term; altering a certain definition; and generally relating to the Maryland Education Fund and abandoned gift certificates.
