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, §7-04A-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.
Authority: Health Occupations Article, §§7-4A-01, 7-4A-03(h), 7-4A-04—7-4A-13, Annotated Code of Maryland
Effective date: April 5, 2010 (37:7 Md. R. 571)
Regulation .02B amended effective April 9, 2018 (45:7 Md. R. 345)
Regulation .03 amended effective April 9, 2018 (45:7 Md. R. 345)
Regulation .04 amended effective April 9, 2018 (45:7 Md. R. 345)
Regulation .05 amended effective April 9, 2018 (45:7 Md. R. 345)
Regulation .07 amended effective April 9, 2018 (45:7 Md. R. 345)
Regulation .08A amended effective April 9, 2018 (45:7 Md. R. 345)