56-1101. DEFINITIONS. As used in this chapter, unless the context requires otherwise:

(1) "Account holder" means a member of a low-income household who is the named depositor of an individual development account.

(2) "Board" means the individual development account advisory board as established pursuant to the provisions of this chapter.

(3) "Fiduciary organization" means a nonprofit, fundraising organization that is exempt from taxation under section 501(c)(3) of the Internal Revenue Code, approved by the state, including any Indian tribe as defined in section 4(12) of the native American housing assistance and self-determination act of 1996 (25 U.S.C. section 4103(12)) and any tribal subsidiary, subdivision, or other wholly owned tribal entity.

(4) "Financial institution" means any state bank, national bank, savings bank, savings and loan association, credit union, insurance company, brokerage firm or other similar entity that insures the deposits of its investors and is authorized to do business in this state.

(5) "Individual development account" means a contract between an account holder and a fiduciary organization, for the deposit of funds into a financial institution by the account holder, and the deposit of matching funds into the financial institution by the fiduciary organization from private and public contributions made to the fiduciary organization for such purpose, to allow the account holder to accumulate assets for use toward achieving a specific purpose approved by the fiduciary organization.

(6) "Low-income household" means a single person or family whose adjusted annual income is less than two hundred percent (200%) of the annual federal poverty guideline.

History:

[56-1101, added 2002, ch. 149, sec. 1, p. 435.]