256B-1 Definitions
256B-2 Hawaii ABLE savings program; establishment
256B-3 Functions and powers of the director of finance
256B-4 Management contract; terms
256B-5 Hawaii ABLE savings accounts; terms and conditions
256B-6 Account funds
256B-7 Accounts not guaranteed by the State
256B-8 Hawaii ABLE savings program trust fund

Terms Used In Hawaii Revised Statutes > Chapter 256B - Hawaii ABLE Savings Program

  • ABLE savings account: means an individual savings account established in accordance with this chapter. See Hawaii Revised Statutes 256B-1
  • Account owner: means the person who enters into a savings agreement pursuant to this chapter. See Hawaii Revised Statutes 256B-1
  • Acreage assessments: means any levy imposed pursuant to this chapter on the land within a project and any amount charged to the State or to the Hawaiian homes commission for the purpose of acquiring, establishing, or maintaining land or water facilities. See Hawaii Revised Statutes 174-2
  • Agency: when used in reference to an office of a foreign bank, shall have the same meaning as is set forth in § 1(b)(1) of the federal International Banking Act (12 U. See Hawaii Revised Statutes 412:13-102
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bank: means any bank as defined in: § 2(c) of the Bank Holding Company Act (12 U. See Hawaii Revised Statutes 412:13-102
  • 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
  • Board: means the board of land and natural resources. See Hawaii Revised Statutes 174-2
  • Branch: when used in reference to an office of a foreign bank, has the same meaning as is set forth in § 1(b)(3) of the federal International Banking Act (12 U. See Hawaii Revised Statutes 412:13-102
  • Capital: means :

         (1)  The aggregate par value or other amount received and allocated to the issued and outstanding capital stock of a financial institution; or

         (2)  The total amount of a credit union's outstanding and unimpaired membership shares or share accounts. See Hawaii Revised Statutes 412:1-109

  • Capital stock: means the units of interest, whether or not having a par value, common or preferred, legally issued by a financial institution or other corporation, which represents a fractional ownership interest in the institution or corporation. See Hawaii Revised Statutes 412:1-109
  • Circuit court: means the court established in each of the judicial circuits of this State pursuant to chapter 603 and which has jurisdiction under § 412:1-108 over a matter. See Hawaii Revised Statutes 412:1-109
  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • 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.
  • Depository institution: means any institution that is included for any purpose within the definitions of "insured depository institution" as set forth in § 3(c)(2) and (3) of the Federal Deposit Insurance Act (12 U. See Hawaii Revised Statutes 412:13-102
  • deposits: means money or its equivalent received or held by a person in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a demand, checking, savings, time, passbook, negotiable order of withdrawal, thrift, or share account, or which is evidenced by its passbook, certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument, or a check, draft, or share draft drawn against a deposit account and certified by a person, on which the person is primarily liable. See Hawaii Revised Statutes 412:1-109
  • Designated beneficiary: means a resident of the State whose qualified disability expenses may be paid from the account. See Hawaii Revised Statutes 256B-1
  • Director: means the director of finance. See Hawaii Revised Statutes 256B-1
  • Eligible individual: means an individual who is entitled to benefits based on blindness or disability under title 42 U. See Hawaii Revised Statutes 256B-1
  • Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
  • Federal agency: means an agency of a foreign bank that is licensed by the Comptroller of the Currency pursuant to § 4 of the federal International Banking Act (12 U. See Hawaii Revised Statutes 412:13-102
  • Federal branch: means a branch of a foreign bank that is licensed by the Comptroller of the Currency pursuant to § 4 of the federal International Banking Act (12 U. See Hawaii Revised Statutes 412:13-102
  • Federal Deposit Insurance Act: means the Federal Deposit Insurance Act, as amended (12 U. See Hawaii Revised Statutes 412:13-102
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Financial organization: means an organization authorized to do business in the State that is:

         (1)  Licensed or chartered by the insurance commissioner;

         (2)  Licensed or chartered by the commissioner of financial institutions;

         (3)  Chartered by an agency of the federal government; or

         (4)  Subject to the jurisdiction and regulation of the federal Securities and Exchange Commission. See Hawaii Revised Statutes 256B-1

  • 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
  • Foreign bank: means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, that engages directly in the business of banking. See Hawaii Revised Statutes 412:13-102
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Hawaii state agency: when used in reference to an office of a foreign bank, means an agency of a foreign bank that is located in this State and licensed pursuant to this chapter, part II, of this article. See Hawaii Revised Statutes 412:13-102
  • Hawaii state bank: means a bank organized under the laws of Hawaii. See Hawaii Revised Statutes 412:13-102
  • Hawaii state branch: when used in reference to an office of a foreign bank, means a branch of a foreign bank that is located in this State and licensed pursuant to this chapter, part II, of this article. See Hawaii Revised Statutes 412:13-102
  • Interstate branch: means a branch of a bank or a branch of a foreign bank, as the context may require, which is established after September 29, 1994, pursuant to the authority contained in the Interstate Banking and Branching Efficiency Act, outside the home state of the bank or foreign bank. See Hawaii Revised Statutes 412:13-102
  • Land occupier: means the owner or in the case of leased land, the lessee of lands lying within a project organized or to be organized under this chapter. See Hawaii Revised Statutes 174-2
  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Management contract: means the contract executed by the director of finance and a financial organization selected to act as a depository and manager of the program. See Hawaii Revised Statutes 256B-1
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Person: means a natural person, entity or organization, including without limitation an individual, corporation, joint venture, partnership, sole proprietorship, association, cooperative, estate, trust, or governmental unit. See Hawaii Revised Statutes 412:1-109
  • Personal property: All property that is not real property.
  • Program: means the Hawaii ABLE savings program established under this chapter. See Hawaii Revised Statutes 256B-1
  • Program manager: means a financial organization selected by the director of finance to act as a depository and manager of the program. See Hawaii Revised Statutes 256B-1
  • Project: means an area, contiguous or noncontiguous, established under this chapter within which water is supplied to the State or the Hawaiian homes commission for the development and opening of lands or to land occupiers. See Hawaii Revised Statutes 174-2
  • Qualified disability expense: means any qualified disability expense included in § 529A of the Internal Revenue Code of 1986, as amended. See Hawaii Revised Statutes 256B-1
  • Qualified withdrawal: means a withdrawal from an account to pay the qualified disability expenses of the designated beneficiary of the account. See Hawaii Revised Statutes 256B-1
  • Rollover distribution: means a rollover distribution as defined in § 529A of the Internal Revenue Code of 1986, as amended. See Hawaii Revised Statutes 256B-1
  • Savings agreement: means an agreement between the program manager or the director of finance and the account owner. See Hawaii Revised Statutes 256B-1
  • Secretary: means the Secretary of the United States Department of the Treasury. See Hawaii Revised Statutes 256B-1
  • Service of process: The service of writs or summonses to the appropriate party.
  • Subsidiary: means a corporation, joint venture, partnership, or other company that is controlled by another corporation. See Hawaii Revised Statutes 412:1-109
  • surplus: includes retained earnings, whether or not transferred or allocated to surplus. See Hawaii Revised Statutes 412:1-109
  • this State: means the State of Hawaii, its political subdivisions, agencies, and departments. See Hawaii Revised Statutes 412:1-109
  • Trustee: A person or institution holding and administering property in trust.
  • United States: when used in a geographical sense, means the several states, the District of Columbia, Puerto Rico, Guam, American Samoa, the American Virgin Islands, the Trust Territory of the Pacific Islands, and any other territory of the United States; and, when used in a political sense, means the federal government of the United States. See Hawaii Revised Statutes 412:13-102
  • Water tolls: means any charges established by the board for water supplied by it to the State, the Hawaiian homes commission, and land occupiers. See Hawaii Revised Statutes 174-2