As used in this part 3, unless the context otherwise requires:
"ABLE" means achieving a better life experience, as used in the federal "StephenBeck, Jr., Achieving a Better Life Experience Act of 2014", division B, Pub.L. 113-295, as that act amends the federal "Internal Revenue Code of 1986", as amended, to add section 529A and other federal laws.
"ABLE savings program" means the savings program established under this part 3 pursuant to section 529A of the internal revenue code.
"Account" means an individual trust account or savings account established pursuant to this part 3.
"Account owner" means the person designated as the account owner pursuant tosection 529 or 529A of the internal revenue code, whichever is applicable.
"Adult learner" means an account owner under the college savings program who isalso the account beneficiary and who opens an account in pursuit of his or her own postsecondary educational opportunities and job retraining goals.
"Authority" means collegeinvest, transferred to the department of higher educationand existing as a division of that department pursuant to section 23-3.1-203.
"College savings program" means the college savings program established underthis part 3 pursuant to section 529 of the internal revenue code.
"Designated beneficiary" or "beneficiary" means, with respect to an account, the person designated at the time the account is opened, or the person who replaces a designated beneficiary, as the person whose qualified higher education expenses or qualified disability expenses are expected to be paid from the account.
"Eligible educational institution" has the same meaning as that term is defined insection 529 of the internal revenue code.
"Executive director" means the executive director of the department of higher education.
(5.7) "Federal ABLE act" means the "Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014", division B, Pub.L. 113-295, and any amendments to the act.
"Financial institution" means any state bank, state trust company, savings and loanassociation, credit union chartered by the state of Colorado, national bank, broker-dealer, mutual fund, insurance company, or other similar financial entity qualified to do business in the state of Colorado.
"Internal revenue code" means the federal "Internal Revenue Code of 1986", as amended, and regulations implementing the code.
"Manager" means a financial institution under contract with the authority to serve asan administrator of the program and recipient of contributions on behalf of the program.
"Member of the family" has the same meaning as that term is defined in section 529 or 529A of the internal revenue code, whichever is applicable.
"Nonqualified withdrawal" means a withdrawal from an account other than a qualified withdrawal.
"Program" means the college savings program or the ABLE savings program established pursuant to this part 3, as applicable.
"Qualified disability expenses" has the same meaning as that term is defined insection 529A of the internal revenue code.
"Qualified higher education expenses" has the same meaning as that term is definedin section 529 of the internal revenue code.
"Qualified withdrawal" means a withdrawal from an account, to pay any qualifiedexpenses of the designated beneficiary of the account, a withdrawal made on account of the death or disability of the designated beneficiary, or a withdrawal made on account of a scholarship, but only if the withdrawal is made in accordance with section 529 or 529A of the internal revenue code, whichever is applicable.
"Savings contract" means an agreement entered into by the authority and an accountowner to participate and establish an account in the program.
"Savings trust fund" means the trust for either the college savings program or thetrust for the ABLE savings program, consisting of the accounts for that program.
Source: L. 99: Entire part added, p. 454, § 1, effective July 1. L. 2000: Entire part amended, p. 1287, § 16, effective May 26. L. 2004: (3) amended, p. 574, § 26, effective July 1. L. 2010: (2.5) added and (4) amended, (SB 10-202), ch. 396, p. 1881, § 2, effective June 9. L. 2013: (6) amended, (SB 13-154), ch. 282, p. 1487, § 66, effective July 1. L. 2015: Entire section amended, (HB 15-1359), ch. 269, p. 1047, § 3, effective June 3.