Superseded 7/1/2023)
Superseded 7/1/2023
53B-8a-102.5. Definitions for part.
As used in this part:
| (1) |
“Administrative fund” means the money used to administer the Utah Educational Savings Plan. |
Terms Used In Utah Code 53B-8a-102.5
- Account agreement: means an agreement between an account owner and the Utah Educational Savings Plan entered into under this chapter. See Utah Code 53B-8a-102
- Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
- Board: means the board of directors of the Utah Educational Savings Plan, which is the Utah Board of Higher Education acting in the Utah Board of Higher Education's capacity as the Utah Higher Education Assistance Authority under Title 53B, Chapter 12, Higher Education Assistance Authority. See Utah Code 53B-8a-102.5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Endowment fund: means the endowment fund established under Section 53B-8a-107, which is held as a separate fund within the Utah Educational Savings Plan. See Utah Code 53B-8a-102.5
- Grantor: The person who establishes a trust and places property into it.
- Grantor trust: means a trust, the income of which is for the benefit of the grantor under Section 677, Internal Revenue Code. See Utah Code 53B-8a-102.5
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Plan: means the Utah Educational Savings Plan created in Section 53B-8a-103. See Utah Code 53B-8a-102
- Program fund: means the program fund created under Section 53B-8a-107, which is held as a separate fund within the Utah Educational Savings Plan. See Utah Code 53B-8a-102.5
| (2) |
“Board” means the board of directors of the Utah Educational Savings Plan, which is the Utah Board of Higher Education acting in the Utah Board of Higher Education’s capacity as the Utah Higher Education Assistance Authority under Title 53B, Chapter 12, Higher Education Assistance Authority. |
| (3) |
“Endowment fund” means the endowment fund established under Section 53B-8a-107, which is held as a separate fund within the Utah Educational Savings Plan. |
| (4) |
“Executive director” means the administrator appointed to administer and manage the Utah Educational Savings Plan. |
| (5) |
“Federally insured depository institution” means an institution whose deposits and accounts are to any extent insured by a federal deposit insurance agency, including the Federal Deposit Insurance Corporation and the National Credit Union Administration. |
| (6) |
“Grantor trust” means a trust, the income of which is for the benefit of the grantor under Section 677, Internal Revenue Code. |
| (7) |
“Higher education costs” means qualified higher education expenses as defined in Section 529(e)(3), Internal Revenue Code. |
| (8) |
“Owner of the grantor trust” means one or more individuals who are treated as an owner of a trust under Section 677, Internal Revenue Code, if that trust is a grantor trust. |
| (9) |
“Program fund” means the program fund created under Section 53B-8a-107, which is held as a separate fund within the Utah Educational Savings Plan. |
| (10) |
“Qualified investment” means an amount invested in accordance with an account agreement established under this part. |
| (11) |
“Tuition and fees” means the quarterly or semester charges imposed to attend an institution of higher education and required as a condition of enrollment. |
Amended by Chapter 365, 2020 General Session
