§ 26-2-1003 — Definitions

As used in this part 10, unless the context otherwise
requires:

(1) Charitable donor means a person who contributes to a sponsoring
organization for the purposes of the IDA program.

(2) Financial institution means an organization that is federally insured and
is authorized to do business under state or federal laws relating to financial
institutions and includes a bank, trust company, savings bank, building and loan
association, savings and loan company or association, and credit union.

(3) Individual development account means a contract of deposit between a
depositor and a financial institution selected by a sponsoring organization.

(4) Program or IDA program means the individual development account
program established pursuant to this part 10.

(5) Service provider means an institution of higher education; a provider of
occupational or career and technical education; a trade school; a bank, savings and
loan, or other mortgage lender; a title company; or the lessor or vendor of any office
supplies, office equipment, retail space or office space or other business space, or
such other provider of goods or services to be used for the commencement of a
business.

(6) Sponsoring organization means a nonprofit organization that is exempt
from taxation under section 501 (c)(3) of the federal Internal Revenue Code of
1986, as amended, that participates in IDA programs, and that verifies authorized
use of individual development accounts.

Legislative History

Source: L. 2000: Entire part added, p. 1470, � 1, effective May 31. L. 2017: (5) amended, (SB 17-294), ch. 264, p. 1410, � 97, effective May 25.