Terms Used In Idaho Code 56-1101

• Account holder: means a member of a low-income household who is the named depositor of an individual development account. See Idaho Code 56-1101
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the individual development account advisory board as established pursuant to the provisions of this chapter. See Idaho Code 56-1101
• Contract: A legal written agreement that becomes binding when signed.
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary organization: means a nonprofit, fundraising organization that is exempt from taxation under section 501(c)(3) of the Internal Revenue Code, approved by the state, including any Indian tribe as defined in section 4(12) of the native American housing assistance and self-determination act of 1996 (25 U. See Idaho Code 56-1101
• Financial institution: means any state bank, national bank, savings bank, savings and loan association, credit union, insurance company, brokerage firm or other similar entity that insures the deposits of its investors and is authorized to do business in this state. See Idaho Code 56-1101
• Individual development account: means a contract between an account holder and a fiduciary organization, for the deposit of funds into a financial institution by the account holder, and the deposit of matching funds into the financial institution by the fiduciary organization from private and public contributions made to the fiduciary organization for such purpose, to allow the account holder to accumulate assets for use toward achieving a specific purpose approved by the fiduciary organization. See Idaho Code 56-1101
• Low-income household: means a single person or family whose adjusted annual income is less than two hundred percent (200%) of the annual federal poverty guideline. See Idaho Code 56-1101
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• person: includes a corporation as well as a natural person;