Iowa § 541A.1 Definitions

Iowa Statutes

§ 541A.1 — Definitions

Iowa § 541A.1

Title XIIICOMMERCE

Ch. 541AINDIVIDUAL DEVELOPMENT ACCOUNTS

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Bluebook

Iowa Code § 541A.1 (2026).

Text

For the purposes of this chapter, unless the context otherwise requires:

1.“Account holder” means an individual who is the owner of an individual development account.

2.“Charitable contributor” means a nonprofit association described in section 501(c)(3) of the Internal Revenue Code which makes a deposit to an individual development account and which is exempt from taxation under section 501(a) of the Internal Revenue Code.

3.“Department” means the department of health and human services.

4.“Director” means the director of health and human services.

5.“Federal poverty level” means the first poverty income guidelines published in the calendar year by the United States department of health and human services.

6.“Financial institution” means a financial institution approved by the direc

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For the purposes of this chapter, unless the context otherwise requires:
1. “Account holder” means an individual who is the owner of an individual development
account.
2. “Charitable contributor” means a nonprofit association described in section 501(c)(3)
of the Internal Revenue Code which makes a deposit to an individual development account
and which is exempt from taxation under section 501(a) of the Internal Revenue Code.
3. “Department” means the department of health and human services.
4. “Director” means the director of health and human services.
5. “Federal poverty level” means the first poverty income guidelines published in the
calendar year by the United States department of health and human services.
6. “Financial institution” means a financial institution approved by the director as an
investment mechanism for individual development accounts.
7. “Household income” means the annual household income of an account holder or
prospective account holder, as determined in accordance with rules adopted by the director.
8. “Individual contributor” means an individual who makes a deposit to an individual
development account and is not the account holder or a charitable contributor.
9. “Individual development account” means either of the following:
a. A financial instrument that is certified to have the characteristics described in section