13-55E-1. Definition of terms.
Terms used in this chapter mean:
(1)"Advance payment contract," a contract entered into by the executive director and a purchaser pursuant to this chapter to provide for the higher education of a beneficiary;
(2)"Beneficiary," the person designated within the advance payment contract to receive tuition, room and board, or tuition only at a state-supported institution of higher education;
(3)"Executive director," the executive director of the Board of Regents;
(4)"Institution of higher education," any state-supported university;
(5)"Purchaser," any person obligated to make an advance payment of tuition, room and board, or tuition only costs on behalf of a beneficiary pursuant to an advance payment contract;
(6)"Room and board costs," the amount assessed for lodging and regularly scheduled meals provided to students pursuant to a contract for room and board with an institution of higher education;
(7)"Tuition costs," the amount assessed for full-time enrollment at an institution of higher education including mandatory fees imposed upon all full-time students as a condition of enrollment.
Source: SL 1994, ch 145, §1.