On Apr. 8, MD LEG passed bill on abandon property exempting 529s.
MD LEG passed bill SB 800 (HB 1150) exempting Maryland 529 Plans from the Maryland Uniform Disposition of Abandoned Property Act; amends MD LEG 17-104.
Overview
Exempts from the Uniform Disposition of Abandoned Property Act 529 plan assets held for education in accounts under MD LEG 18-19, MD LEG 18-19A, and MD LEG 18-19C.
Does apply to a sum payable on a check drawn against an account under MD LEG 18.
Legislative History
On Feb. 1, 2024, bill introduced in Senate; on Mar. 14, 2024, bill passed Senate.
On Mar. 15, 2024, bill introduced in House; on Apr. 8, 2024, bill passed House.
Effectiveness
Upon approval of governor or veto override, SB 0800 will be effect Jun. 1, 2024.
Apr. 25, 2024 MD LEG Governor Approval
On Apr. 25, 2024, MD LEG reported SB 800/HB 1150 approved, assigned Ch 145, 146.
