17 Guam Code Ann. § 50001
Terms Used In 17 Guam Code Ann. § 50001
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Trustee: A person or institution holding and administering property in trust.
(a) “”Account”” or “”college account”” means an individual savings account established in accordance with this Chapter.
(b) “”Account owner”” means the individual who enters into a tuition savings agreement pursuant to this Chapter and as defined under the proposed income tax regulations, §§ 1.529-1 to 1.529-6 or the final regulations relating to § 529 of the Internal Revenue Code of
1986, as amended, whichever is applicable, including any amendments or supplements thereto.
(c) “”Conunissioner”” means the Commissioner of Banking and
Insurance appointed under Title 11 G.C.A. § 103102.
(d) “”Designated beneficiary”” means a designated beneficiary as defined in §529 of the Internal Revenue Code of 1986, as amended, or successor legislation. (e) “Eligible educational institution” means an institution defined as such in § 529 of the Internal Revenue Code of
1986, as amended, or successor legislation.
(f) “”financial organization”” means an organization authorized to do business on Guam that is:
(1) Certified as an insurer by the Commissioner; or
(2) Licensed or chartered as a financial institution by the
Commissioner; or
(3) Chartered by an agency of the federal government; or
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17 Guam Code Ann. EDUCATION
CH. 50 GUAM COLLEGE SAVINGS PROGRAM
(4) Subject to the jurisdiction and regulation of the Securities and Exchange Commission of the federal government; or
(5) Any other entity otherwise authorized to act on Guam as a trustee pursuant to the Employee Retirement Income Security Act of 1974, as may be amended from time to time, or pursuant to the provisions of the Guam-Based Trust Company Act, Title 11
GCA § 160101, et seq.
(g) “”Management contract”” means the contract executed by the Commissioner and a financial organization selected to act as a depository and manager of the program.
(h) “”Member ofthe family”” means a family member as defined in § 529 of the Internal Revenue Code of 1986, as amended, or successor legislation.
(i) “”Nonqualified withdrawal”” means a withdrawal from an account that is not:
(1) Used for qualified higher education expenses of the designated beneficiary; or
(2) Made on account of the death or disability of the designated beneficiary; or
(3) Made on the account of a scholarship (or allowance or payment described in § 135( d)(l )(B) or (C) of the Internal Revenue Code of 1986, as amended) received by the designated beneficiary, to the extent the withdrawal does not exceed the amount of the scholarship, allowance, or payment.
(j) “”Program”” means the Guam College Savings Program.
(k) “”Program manager”” means a financial organization selected by the
Commissioner to act as a depository and manager of the program.
(1) “”Qualified higher education expenses”” means any qualified higher education expense as defined by § 529 of the Internal Revenue Code of
1986, as amended, or successor legislation.
(m) “”Qualified withdrawal”” means withdrawal from an account to pay the qualified higher education expenses of the designated beneficiary of the account. (n) “”Tuition savings agreement”” means an agreement between the Commissioner or a financial organization and the account owner.