208.750. Title--definitions.
Title--definitions.
208.750. 1. Sections 208.750 to 208.775 shall be known and may becited as the "Family Development Account Program".
2. For purposes of sections 208.750 to 208.775, the following termsmean:
(1) "Account holder", a person who is the owner of a familydevelopment account;
(2) "Community-based organization", any religious or charitableassociation formed pursuant to chapter 352, RSMo, or any nonprofitcorporation formed under chapter 355, RSMo, that is approved by thedirector of the department of economic development to implement the familydevelopment account program;
(3) "Department", the department of economic development;
(4) "Director", the director of the department of economicdevelopment;
(5) "Family development account", a financial instrument establishedpursuant to section 208.760;
(6) "Family development account reserve fund", the fund created by anapproved community-based organization for the purposes of funding the costsincurred in the administration of the program and for providing matchingfunds for moneys in family development accounts;
(7) "Federal poverty level", the most recent poverty incomeguidelines published in the calendar year by the United States Departmentof Health and Human Services;
(8) "Financial institution", any bank, trust company, savings bank,credit union or savings and loan association as defined in chapter 362, 369or 370, RSMo, and with an office in Missouri which is approved by thedirector for participation in the program;
(9) "Program", the Missouri family development account programestablished in sections 208.750 to 208.775;
(10) "Program contributor", a person or entity who makes acontribution to a family development account reserve fund and is not theaccount holder.
(L. 1999 S.B. 387, et al. § 9, A.L. 2007 S.B. 30 merged with S.B. 577)