§ 23-3.1-302 — Definitions

Colorado § 23-3.1-302

• Jurisdiction: Colorado
• Title 23: Postsecondary Education
• Art.: Student Loan Program

Text

As used in this part 3, unless the context otherwise
requires:

(1) ABLE means achieving a better life experience, as used in the federal
Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014, division B,
Pub.L. 113-295, as that act amends the federal Internal Revenue Code of 1986, as
amended, to add section 529A and other federal laws.

(1.5) ABLE savings program means the savings program established under
this part 3 pursuant to section 529A of the internal revenue code.

(1.6) Account means an individual trust account or savings account
established pursuant to this part 3.

(2) Account owner means the person designated as the account owner
pursuant to section 529 or 529A of the internal revenue code, whichever is
applicable.

(2.5) Adult learner means an account owner under the college savings
program who is also the account beneficiary and who opens an account in pursuit of
his or her own postsecondary educational opportunities and job retraining goals.

(3) Authority means collegeinvest, transferred to the department of higher
education and existing as a division of that department pursuant to section 23-3.1-203.

(3.5) College savings program means the college savings program
established under this part 3 pursuant to section 529 of the internal revenue code.

(4) Designated beneficiary or beneficiary means, with respect to an
account, the person designated at the time the account is opened, or the person
who replaces a designated beneficiary, as the person whose qualified higher
education expenses or qualified disability expenses are expected to be paid from
the account.

(5) Eligible educational institution has the same meaning as that term is
defined in section 529 of the internal revenue code.

(5.5) Executive director means the executive director of the department of
higher education.

(5.7) Federal ABLE act means the Stephen Beck, Jr., Achieving a Better
Life Experience Act of 2014, division B, Pub.L. 113-295, and any amendments to the
act.

(6) Financial institution means any state bank, state trust company,
savings and loan association, credit union chartered by the state of Colorado,
national bank, broker-dealer, mutual fund, insurance company, or other similar
financial entity qualified to do business in the state of Colorado.

(7) Internal revenue code means the federal Internal Revenue Code of
1986, as amended, and regulations implementing the code.

(8) Manager means a financial institution under contract with the authority
to serve as an administrator of the program and recipient of contributions on behalf
of the program.

(9) Member of the family has the same meaning as that term is defined in
section 529 or 529A of the internal revenue code, whichever is applicable.

(10) Nonqualified withdrawal means a withdrawal from an account other
than a qualified withdrawal.

(11) Program means the college savings program or the ABLE savings
program established pursuant to this part 3, as applicable.

(11.5) Qualified disability expenses has the same meaning as that term is
defined in section 529A of the internal revenue code.

(12) Qualified higher education expenses has the same meaning as that
term is defined in section 529 (e)(3) of the internal revenue code, and expenses for
fees, books, supplies, and equipment required for the participation of a designated
beneficiary in an apprenticeship program as defined in section 529 (c)(8) of the
internal revenue code.

(13) Qualified withdrawal means a withdrawal from an account, to pay any
qualified expenses of the designated beneficiary of the account, a withdrawal made
on account of the death or disability of the designated beneficiary, or a withdrawal
made on account of a scholarship, but only if the withdrawal is made in accordance
with section 529 or 529A of the internal revenue code, whichever is applicable.

(14) Savings contract means an agreement entered into by the authority
and an account owner to participate and establish an account in the program.

(15) Savings trust fund means the trust for either the college savings
program or the trust for the ABLE savings program, consisting of the accounts for
that program.

Legislative History

Source: L. 99: Entire part added, p. 454, � 1, effective July 1. L. 2000: Entire part amended, p. 1287, � 16, effective May 26. L. 2004: (3) amended, p. 574, � 26, effective July 1. L. 2010: (2.5) added and (4) amended, (SB 10-202), ch. 396, p. 1881, � 2, effective June 9. L. 2013: (6) amended, (SB 13-154), ch. 282, p. 1487, � 66, effective July 1. L. 2015: Entire section amended, (HB 15-1359), ch. 269, p. 1047, � 3, effective June 3. L. 2022: (12) amended, (HB 22-1310), ch. 369, p. 2624, � 1, effective January 1, 2023.