(a) (1) Except as provided in paragraphs (2) and (3) of this subsection and notwithstanding any other provision of law, an account holder or a qualified beneficiary may file a claim arising from the administration of the Trust with the State Treasurer, as fiduciary of the Trust.

(2) A claim may be filed only by an account holder or a qualified beneficiary for an account that was open and existing on or after November 1, 2021, by:

(i) An account holder; or

(ii) A qualified beneficiary for a distribution that was made to the qualified beneficiary or to an eligible educational institution on the beneficiary’s behalf.

(3) Any claim brought under this section shall be subject to the exclusions and limitations set forth in this subtitle.

(b) A claim filed in accordance with subsection (a) of this section shall be filed:

(1) For a claim relating to the updated terms included in the disclosure statement for the Trust that went into effect November 1, 2021:

(i) Not sooner than the date of the notice to account holders required by subsection (j)(2)(i) of this section; and

(ii) Not later than December 31, 2023; or

(2) For all other claims, 1 year after the date the claim arises.

(c) A claim under this section shall:

(1) Contain a concise statement of facts that sets forth the nature of the claim;

(2) State the name, address, telephone number, and e-mail address, if any, of the claimant;

(3) State the Prepaid Trust account number to which the claim relates;

(4) Contain any other information required to be set forth in a claim by any procedures or regulations adopted by the State Treasurer in accordance with subsection (j) of this section;

(5) State the name, address, telephone number, and e-mail address of the legal representative or counsel for the claimant, if any; and

(6) Be signed by the claimant, or the legal representative or counsel for the claimant.

(d) (1) Subject to paragraphs (2) and (3) of this subsection, the State Treasurer shall:

(i) Investigate the claim;

(ii) Approve or deny the claim in whole or in part; and

(iii) Notify the claimant, or the legal representative or counsel for the claimant, if any, in writing of the final determination.

(2) In the exercise of the State Treasurer’s fiduciary duties, the State Treasurer may:

(i) Delegate, wholly or partly, this responsibility, provided that any delegate shall be a fiduciary with respect to making a final determination of a claim; and

(ii) Contract for any support services that are needed to carry out this responsibility.

(3) For claims relating to the updated terms included in the disclosure statement for the Trust that went into effect November 1, 2021, to the extent practicable, the State Treasurer shall prioritize the processing of claims of account holders who:

(i) Have sought distributions for qualified higher education expenses before June 1, 2023; or

(ii) Will be seeking distributions for qualified higher education expenses for the fall of calendar year 2023.

(e) Each final determination made by the State Treasurer in accordance with this section shall be made:

(1) Independently and in the State Treasurer’s role as fiduciary to the Trust; and

(2) Solely considering the interests of all of the account holders and qualified beneficiaries under the Trust.

(f) Acceptance of a settlement by a claimant:

(1) With respect to a claim brought in accordance with subsection (b)(1) of this section, shall be conditioned on an agreement of the account holder to transfer all funds in the account to any other qualified state tuition program; and

(2) Is, as to that claimant and any qualified beneficiary of the account to which the claim relates:

(i) Final; and

(ii) A complete release of each claim arising from the administration of the Trust against:

1. The State;

2. Each of its units;

3. All State personnel; and

4. The Trust.

(g) The State Treasurer, as fiduciary of the Trust:

(1) Makes the final determination with respect to claims submitted in accordance with this section; and

(2) Is exempt from the provisions of Title 10, Subtitles 2 and 3 of the State Government Article.

(h) Any claim by an account holder or a qualified beneficiary arising from the administration of the Trust shall be made solely against the assets of the Trust.

(i) Notwithstanding any other provision of law, this section provides the exclusive remedy for a claim against the assets of the Trust.

(j) (1) The State Treasurer shall:

(i) For claims brought in accordance with subsection (b)(1) of this section, establish procedures to implement the claim process established in this section for those claims; and

(ii) For all other claims, adopt regulations for the claim process established in this section.

(2) The State Treasurer shall provide notice to account holders within 10 business days of:

(i) The establishment of the procedures described in this subsection; and

(ii) The adoption of regulations in accordance with this subsection.