A Senate bill to move a much-criticized state college savings agency under the auspices of State Treasurer Dereck Davis received its first hearing Wednesday, with lawmakers pledging to act before the end of the legislative session to strengthen oversight of Maryland 529. The independent agency, which allows parents to save money tax-free for their children’s education, came under scrutiny in the last year after it suspended access to interest payments for account holders in its Maryland Prepaid College Trust. Parents reported losses of thousands of dollars in anticipated payouts and scrambled to cover tuition.
Senators advance bill to move troubled Maryland 529 college savings agency into treasurer’s office
March 16, 2023