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

• 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, sections 1. See Hawaii Revised Statutes 256-1
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Applicant: means the person for whose use and benefit application for services or public assistance is made. See Hawaii Revised Statutes 346-1
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Chief of police: means the chief of police of the counties of Hawaii, Maui, Kauai, or the city and county of Honolulu. See Hawaii Revised Statutes 134-1
• college account: means an individual savings account established in accordance with this chapter. See Hawaii Revised Statutes 256-1
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
• Department: means the department of human services. See Hawaii Revised Statutes 346-1
• Designated beneficiary: means a designated beneficiary as defined in section 529 of the Internal Revenue Code of 1986, as amended, or successor legislation. See Hawaii Revised Statutes 256-1
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Financial organization: means an organization authorized to do business in the State of Hawaii that is:

  (1) Certified as an insurer by the insurance commissioner;

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

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

  (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 in this State as a trustee pursuant to the provisions of the Employee Retirement Income Security Act of 1974, as may be amended from time to time. See Hawaii Revised Statutes 256-1

• Firearm: means any weapon, for which the operating force is an explosive, including but not limited to pistols, revolvers, rifles, shotguns, automatic firearms, noxious gas projectors, mortars, bombs, and cannon. See Hawaii Revised Statutes 134-1
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• 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.
• 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.
• 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 256-1
• Member of the family: means a family member as defined in section 529 of the Internal Revenue Code of 1986, as amended, or successor legislation. See Hawaii Revised Statutes 256-1
• Nonqualified withdrawal: means a withdrawal from an account that is not:

  (1) Used for qualified higher education expenses of the designated beneficiary;

  (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 section 135(d)(1)(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. See Hawaii Revised Statutes 256-1

• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Program: means the college savings program. See Hawaii Revised Statutes 256-1
• 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 256-1
• Provider: means any person or public or private institution, agency or business concern authorized by the department to provide health care, service or supplies to beneficiaries of medical assistance. See Hawaii Revised Statutes 346-1
• Qualified higher education expenses: means any qualified higher education expense defined in section 529 of the Internal Revenue Code of 1986, as amended, or successor legislation. See Hawaii Revised Statutes 256-1
• Qualified withdrawal: means withdrawal from an account to pay the qualified higher education expenses of the designated beneficiary of the account. See Hawaii Revised Statutes 256-1
• revolver: means any firearm of any shape with a barrel less than sixteen inches in length and capable of discharging loaded ammunition or any noxious gas. See Hawaii Revised Statutes 134-1
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Tuition savings agreement: means an agreement between the director of finance or a financial organization and the account owner. See Hawaii Revised Statutes 256-1