New Jersey Statutes 44:10-88. Definitions regarding individual development accounts
Terms Used In New Jersey Statutes 44:10-88
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
“Account holder” means a person who is the owner of an individual development account.
“Commissioner” means the Commissioner of Community Affairs.
“Community-based organization” means a not-for-profit organization described in section 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. § 501(c)(3)) and exempt from taxation under section 501(a) of the Internal Revenue Code of 1986 (26 U.S.C. § 501 (a)), that is approved by the commissioner to implement the New Jersey Individual Development Account Program established under this act.
“Department” means the Department of Community Affairs.
“Economic literacy” means a basic understanding of budgets and savings accounts, credit and interest and how to use financial services; and having a savings plan and using it to reach the account holder’s savings goal for an individual development account.
“Eligible individual” means an adult with an annual household gross income up to a maximum of 250 percent of the official poverty level.
“Financial institution” means a state or federally chartered bank, savings bank, savings and loan association or credit union with an office in this State.
“Fund” means the Individual Development Account Fund established pursuant to 42 U.S.C. § 604(h) and 45 C.F.R. part 263 (45 C.F.R. 263.0 et seq.).
“Individual development account” means an account established pursuant to 42 U.S.C. § 604(h) and 45 C.F.R. part 263 (45 C.F.R. 263.0 et seq.) in trust for an eligible individual that is a trust account pursuant to the “Multiple-party Deposit Account Act,” P.L.1979, c.491 (C. 17:16I-1 et seq.).
“Program” means the New Jersey Individual Development Account Program established pursuant to the provisions of this act.
“Program contributor” means a person or entity who makes a contribution to an individual development account reserve fund, except that “program contributor” does not mean the account holder.
“Reserve fund” means the individual development account reserve fund created by a community-based organization for the purposes of: funding the costs incurred in the administration of the program; receiving matching funds from the State; and providing matching funds for individual development accounts pursuant to section 5 of this act.
L.2001, c.93, s.3; amended 2019, c.460, s.1.