§ 38-14-1 Definitions
§ 38-14-2 Establishment of account
§ 38-14-3 Matching funds
§ 38-14-4 Withdrawals and reimbursements
§ 38-14-5 Financial literacy education
§ 38-14-6 Source of deposits; limitations on deposits
§ 38-14-7 Exclusion from gross income
§ 38-14-8 Selection of fiduciary organizations
§ 38-14-9 Administration of accounts
§ 38-14-10 Eligibility for means-tested public benefits
§ 38-14-11 Funding

Terms Used In Alabama Code > Title 38 > Chapter 14

  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • authority: The public corporation and instrumentality of the state organized pursuant to the provisions of this chapter. See Alabama Code 24-1A-2
  • AUTHORIZED INVESTMENTS: Bonds or other obligations of, or guaranteed by, the United States of America or the state; interest bearing bank and savings and loan association deposits; obligations of any agency of the United States of America; any obligations in which a state chartered savings and loan association may invest its funds; any agreement to repurchase any of the foregoing; or any combination thereof. See Alabama Code 24-1A-2
  • BOARD OF DIRECTORS: The board of directors of the authority. See Alabama Code 24-1A-2
  • bonds: Bonds or other securities representing an obligation to pay money. See Alabama Code 24-1A-2
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • department: The Department of Human Resources. See Alabama Code 38-14-1
  • ELIGIBLE HOUSING UNIT: Real and personal properties located in the state constituting a single family dwelling unit for occupancy by low and moderate income families or a multi-family dwelling unit for occupancy by any persons and families without restriction as to the income of such persons or families other than any applicable federal restrictions imposed upon multi-family dwelling units financed from the proceeds of bonds the interest on which is exempt from federal income taxes. See Alabama Code 24-1A-2
  • emergency: Payments for necessary medical expenses of the account owner or family member, expenses to avoid the eviction of the account owner from the account owner's primary residence, and for necessary living expenses following a loss of income

    (4) FIDUCIARY ORGANIZATION. See Alabama Code 38-14-1

  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Ex officio: Literally, by virtue of one's office.
  • Fiduciary: A trustee, executor, or administrator.
  • FINANCIAL INSTITUTION: A federally insured bank, trust company, savings bank, building and loan association, savings and loan company or association, or credit union authorized to do business in this state. See Alabama Code 38-14-1
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
  • INDIVIDUAL DEVELOPMENT ACCOUNT: An account established for an eligible individual or family member as part of a qualified individual development account program with the following requirements:

    a. See Alabama Code 38-14-1

  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
  • LOW AND MODERATE INCOME FAMILIES: Persons and families of one or more persons, irrespective of race, creed, national origin or sex, determined by the authority to require such assistance as is made available by this chapter on account of insufficient personal or family income taking into consideration, without limitation, such factors as follows:

    a. See Alabama Code 24-1A-2

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • MORTGAGE LENDERS: National banking associations, banks chartered under the laws of the state, savings or building and loan associations chartered under the laws of the state or of the United States of America, Federal National Mortgage Association approved mortgage bankers and federal or state credit unions. See Alabama Code 24-1A-2
  • MORTGAGE LOANS: Notes and other evidences of indebtedness secured by mortgages. See Alabama Code 24-1A-2
  • MORTGAGE PROPERTY: All properties, real, personal and mixed, and all interests therein including grants or subsidies with respect thereto, mortgaged, pledged or otherwise provided in any manner as security for (i) mortgage loans or (ii) loans to mortgage lenders. See Alabama Code 24-1A-2
  • mortgages: Mortgages, deeds of trust and other instruments granting security interests in real and personal properties constituting eligible housing units. See Alabama Code 24-1A-2
  • MULTI-FAMILY MORTGAGE LOANS: Mortgages on eligible housing units constituting residential dwelling units leased to or occupied by more than one family unit. See Alabama Code 24-1A-2
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • PARALLEL ACCOUNT: A separate parallel account for all matching funds and earnings dedicated to individual development account owners, the sole holder of which is a qualified financial institution, a qualified fiduciary organization, or an Indian tribe. See Alabama Code 38-14-1
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • property: includes both real and personal property. See Alabama Code 1-1-1
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • QUALIFIED PURPOSES: The use of the account owner's accumulated savings and matching funds for any of the following purposes:

    a. See Alabama Code 38-14-1

  • Quorum: The number of legislators that must be present to do business.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • SERVICING QUALIFIED MORTGAGE LOANS: Notes and other evidences of indebtedness secured by servicing qualified mortgages. See Alabama Code 24-1A-2
  • SERVICING QUALIFIED MORTGAGED PROPERTY: All properties, real, personal, or mixed, and all interests therein, mortgaged, pledged, or otherwise provided in any manner as security for servicing qualified mortgage loans. See Alabama Code 24-1A-2
  • SERVICING QUALIFIED MORTGAGES: Mortgages, deeds of trust, and other instruments granting security interests in real and personal property of any kind. See Alabama Code 24-1A-2
  • SINGLE FAMILY MORTGAGE LOANS: Mortgages on eligible housing units constituting residential dwelling units occupied as the principal residence of the owner-mortgagor by a single-family unit, including, without limitation, detached single family houses, attached single family houses or townhouses and condominium units within larger structures. See Alabama Code 24-1A-2
  • state: The State of Alabama. See Alabama Code 24-1A-2
  • Statute: A law passed by a legislature.
  • United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1
  • writing: includes typewriting and printing on paper. See Alabama Code 1-1-1