541A.1  Definitions.

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.  "Administrator" means the department of human services.

3.  "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.

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

5.  "Financial institution" means a financial institution approved by the administrator as an investment mechanism for individual development accounts.

6.  "Individual contributor" means an individual who makes a deposit to an individual development account and is not the account holder or a charitable contributor.

7.  "Individual development account" means a financial instrument which is certified to have the characteristics described in section 541A.2 by the operating organization.

8.  "Operating organization" means an agency selected by the administrator for involvement in operating individual development accounts directed to a specific target population.

9.  "Reserve pool" means the state human investment reserve pool under the authority of the administrator created in section 541A.4.

10.  "Source of principal" means any of the sources of a deposit to an individual development account under section 541A.2, subsection 2.

Section History: Recent form

  93 Acts, ch 97, §16; 94 Acts, ch 1114, §23

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