53B-8a-102 - Definitions.
53B-8a-102. Definitions.
As used in this chapter:
(1) "Account agreement" means an agreement between an account owner and the UtahEducational Savings Plan entered into under this chapter.
(2) "Account owner" means a person, estate, or trust, if that person, estate, or trust hasentered into an account agreement under this chapter to save for the higher education costs onbehalf of a beneficiary.
(3) "Administrative fund" means the money used to administer the Utah EducationalSavings Plan.
(4) "Beneficiary" means the individual designated in an account agreement to benefitfrom the amount saved for higher education costs.
(5) "Board" means the board of directors of the Utah Educational Savings Plan which isthe state Board of Regents acting in its capacity as the Utah Higher Education AssistanceAuthority under Title 53B, Chapter 12, Higher Education Assistance Authority.
(6) "Endowment fund" means the endowment fund established under Section53B-8a-107 which is held as a separate fund within the Utah Educational Savings Plan.
(7) "Executive director" means the administrator appointed to administer and manage theUtah Educational Savings Plan.
(8) "Higher education costs" means qualified higher education expenses as defined inSection 529(e)(3), Internal Revenue Code.
(9) "Plan" means the Utah Educational Savings Plan created in Section 53B-8a-103.
(10) "Program fund" means the program fund created under Section 53B-8a-107, whichis held as a separate fund within the Utah Educational Savings Plan.
(11) "Qualified investment" means an amount invested in accordance with an accountagreement established under this chapter.
(12) "Tuition and fees" means the quarterly or semester charges imposed to attend aninstitution of higher education and required as a condition of enrollment.
Amended by Chapter 6, 2010 General Session