Terms Used In Maine Revised Statutes > Title 20-A > Part 5 > Chapter 412-B - Family Development Account Program

• account: means a financial instrument established pursuant to this chapter. See Maine Revised Statutes Title 20-A Sec. 10981
• Account holder: means an eligible person who owns a family development account. See Maine Revised Statutes Title 20-A Sec. 10981
• 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}
• Committee membership: Legislators are assigned to specific committees by their party. Seniority, regional balance, and political philosophy are the most prominent factors in the committee assignment process.
• Community development organization: means a charitable organization, a community action agency or a nonprofit organization under the United States Internal Revenue Code of 1986, Section 501(c)(3) approved by the university to administer family development accounts. See Maine Revised Statutes Title 20-A Sec. 10981
• Department: means the Department of Education. See Maine Revised Statutes Title 20-A Sec. 1
• Eligible person: means an individual whose family income is below 200% of the nonfarm income official poverty line as defined by the federal Office of Management and Budget and revised annually in accordance with the United States Omnibus Budget Reconciliation Act of 1981, Section 673, subsection 2. See Maine Revised Statutes Title 20-A Sec. 10981
• Family development account reserve fund: means the fund created by a community development organization for the purposes of funding the administrative costs of the program and providing matching funds for deposit in family development accounts. See Maine Revised Statutes Title 20-A Sec. 10981
• Financial institution: means a credit union or financial institution authorized to do business in this State under Title 9?B and that meets standards established by the university. See Maine Revised Statutes Title 20-A Sec. 10981
• in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
• Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
• Principal: means the person who supervises the operation and management of a school and school property as determined necessary by the superintendent under policies established by the school board. See Maine Revised Statutes Title 20-A Sec. 1
• Program: means the family development account program administered by the university under this chapter. See Maine Revised Statutes Title 20-A Sec. 10981
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• University: means the University of Maine System. See Maine Revised Statutes Title 20-A Sec. 10981