Terms Used In Iowa Code 541B.7

• Account: means the same as defined in section 554. See Iowa Code 554E.1
• 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}
• Department: means the department of revenue. See Iowa Code 541B.2
• Eligible home costs: includes any United States veterans administration funding fee incurred by, or charged or assigned to, a designated beneficiary in connection with a veterans administration home loan guaranty program. See Iowa Code 541B.2
• First-time homebuyer: means an individual who is a resident of Iowa and who does not own, either individually or jointly, a single-family or multifamily residence, and who has not owned or purchased, either individually or jointly, a single-family or multifamily residence for a period of three years prior to all of the following:
   a. See Iowa Code 541B.2
• First-time homebuyer savings account: means an account that meets the requirements of sections 541B. See Iowa Code 541B.2
• following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
• Individual: means a natural person. See Iowa Code 541B.2
• Qualified home purchase: means , with respect to a first-time homebuyer savings account, the purchase of a single-family residence in Iowa by the account's designated beneficiary ninety or more days after the date the account holder first opened a first-time homebuyer savings account. See Iowa Code 541B.2
• Transaction: means a sale, trade, exchange, transfer, payment, or conversion of a digital asset or any other property or any other action or set of actions occurring between two or more persons relating to the conduct of business, commercial, or governmental affairs. See Iowa Code 554E.1
• year: means twelve consecutive months. See Iowa Code 4.1