As used in this chapter, unless the context otherwise requires:
1. “Accountholder”meansanindividualwhoestablishes,eitherindividuallyorjointlywith
the individual’s spouse, a first-time homebuyer savings account pursuant to section 541B.3.
2. “Department” means the department of revenue.
3. “Designated beneficiary” means an individual meeting the requirements of section
541B.3, subsection 2, and designated by an account holder as beneficiary of the account
holder’s first-time homebuyer savings account pursuant to section 541B.3, subsection 2.
4. a. “Eligible home costs” means the following:
(1)The down payment for the purchase of a single-family residence in Iowa by a
designated beneficiary.
(2)A cost, fee, tax, or payment incurred by, or charged or assigned to, a designated
beneficiary fo
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As used in this chapter, unless the context otherwise requires:
1. “Accountholder”meansanindividualwhoestablishes,eitherindividuallyorjointlywith
the individual’s spouse, a first-time homebuyer savings account pursuant to section 541B.3.
2. “Department” means the department of revenue.
3. “Designated beneficiary” means an individual meeting the requirements of section
541B.3, subsection 2, and designated by an account holder as beneficiary of the account
holder’s first-time homebuyer savings account pursuant to section 541B.3, subsection 2.
4. a. “Eligible home costs” means the following:
(1) The down payment for the purchase of a single-family residence in Iowa by a
designated beneficiary.
(2) A cost, fee, tax, or payment incurred by, or charged or assigned to, a designated
beneficiary for the purchase of a single-family residence in Iowa, and listed on the statement
of receipts and disbursements for the sale, including any statement prescribed by 12 C.F.R.
§1026.38, as amended.
b. “Eligible home costs” includes any United States veterans administration funding fee
incurred by, or charged or assigned to, a designated beneficiary in connection with a veterans
administration home loan guaranty program.
5. “Financial institution” means a state or federally chartered bank, savings and loan
association, credit union, or trust company in this state.
6. “First-timehomebuyer”meansanindividualwhoisaresidentofIowaandwhodoesnot
own, either individually or jointly, a single-family or multifamily residence, and who has not
owned or purchased, either individually or jointly, a single-family or multifamily residence
for a period of three years prior to all of the following:
a. The date on which the individual is named as a designated beneficiary of a first-time
homebuyer savings account.
b. The date of the qualified home purchase for which the eligible home costs are paid or
reimbursed from a first-time homebuyer savings account.
7. “First-timehomebuyersavingsaccount” means an account that meets the requirements
of sections 541B.3 and 541B.4 and that was established for the purpose of paying or
reimbursing a designated beneficiary’s eligible home costs in connection with a qualified
home purchase.
8. “Individual” means a natural person.
9. “Qualified home purchase” means, with respect to a first-time homebuyer savings
account, the purchase of a single-family residence in Iowa by the account’s designated
beneficiary ninety or more days after the date the account holder first opened a first-time
homebuyer savings account.
10. “Resident” means the same as defined in section 422.4.
11. “Single-family residence” means a single-family residence owned and occupied by a
§541B.2, IOWA FIRST-TIME HOMEBUYER SAVINGS ACCOUNT ACT 2
designated beneficiary as the designated beneficiary’s principal residence, including but not
limited to a manufactured home, mobile home, condominium unit, or cooperative.