Terms Used In Hawaii Revised Statutes > Chapter 257 - Individual Development Accounts

• 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}
• Cartridge: includes but is not limited to a Taser cartridge. See Hawaii Revised Statutes 134-81
• 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
• Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
• 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
• Director: means the director of human services. See Hawaii Revised Statutes 346-1
• Electric gun: includes but is not limited to devices commonly referred to as stun guns and Tasers. See Hawaii Revised Statutes 134-81
• Eligible educational institution: means :

  (1) An institution described in sections 481(a)(1) or 1201(a) of the Higher Education Act of 1965 (20 U. See Hawaii Revised Statutes 257-1

• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary organization: means an organization that serves as an intermediary between an individual account holder and the financial institution holding the individual's individual development account funds. See Hawaii Revised Statutes 257-1
• Financial institution: means an organization authorized to do business pursuant to chapter 412, or under federal laws relating to financial institutions, and includes a bank, trust company, savings bank, building and loan association, savings and loan company or association, and credit union. See Hawaii Revised Statutes 257-1
• 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
• Household: means adults related by blood, marriage, or adoption, or who are unrelated but have maintained a stable family relationship together over a period of time, and individuals under eighteen years of age related to the above adults by marriage, blood, or adoption, who are living together. See Hawaii Revised Statutes 257-1
• Individual development account: means an optional, interest bearing, subsidized, tax-benefitted account used exclusively for the purpose of paying the qualified expenditure of an eligible individual as determined by the fiduciary organization. See Hawaii Revised Statutes 257-1
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• Licensee: means a person licensed to sell, offer to sell, distribute, or otherwise transfer electric guns and cartridges pursuant to section 134-83. See Hawaii Revised Statutes 134-81
• month: means a calendar month; and the word "year" a calendar year. See Hawaii Revised Statutes 1-20
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, firm, corporation, partnership, association, or any form of business or legal entity. See Hawaii Revised Statutes 134-81
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Qualified acquisition costs: means the costs of acquiring, constructing, or reconstructing a residence and shall include any usual or reasonable settlement, financing, or other closing costs. See Hawaii Revised Statutes 257-1
• Qualified business: means any business that does not contravene any law or public policy. See Hawaii Revised Statutes 257-1
• Qualified expenditures: means an expense as determined by a fiduciary organization, which may include but not be limited to:

  (1) Costs associated with first homeownership;

  (2) Post-secondary education;

  (3) Vocational training; and

  (4) Small or micro-business capitalization. See Hawaii Revised Statutes 257-1

• Qualified plan: means a business plan or a plan to use a business asset purchased, that:

  (1) Is approved by a financial institution, a micro-enterprise development organization, or a nonprofit loan fund having demonstrated fiduciary integrity;

  (2) Includes a description of services or goods to be sold, a marketing plan, and projected financial statements; and

  (3) May require the eligible individual to obtain the assistance of an experienced entrepreneurial advisor. See Hawaii Revised Statutes 257-1

• Quorum: The number of legislators that must be present to do business.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Transfer: includes but is not limited to the granting of temporary possession to another. See Hawaii Revised Statutes 134-81