Source: https://law.justia.com/codes/oklahoma/2018/title-70/section-70-3970.3/
Timestamp: 2020-05-31 08:17:09
Document Index: 57613583

Matched Legal Cases: ['§70', '§70', '§70', '§ 70', '§ 3', '§ 1', '§ 2', '§ 2']

Oklahoma Statutes §70-3970.3. (2018) - Definitions. :: 2018 Oklahoma Statutes :: US Codes and Statutes :: US Law :: Justia
Justia › US Law › US Codes and Statutes › Oklahoma Statutes › 2018 Oklahoma Statutes › Title 70. Schools › §70-3970.3. Definitions.
§70-3970.3. Definitions.
Universal Citation: 70 OK Stat § 70-3970.3 (2018)
1. "Account" means an individual trust account or savings account established as prescribed in this act;
2. "Account owner" means the person or other entity allowable under Section 529 of the Internal Revenue Code designated at the time an account is opened as having the right to withdraw monies from the account before the account is disbursed to or for the benefit of the designated beneficiary;
3. “Affinity program” means any supplemental feature to the Oklahoma College Savings Plan that offers additional value for plan participants including, but not limited to, rebate contributions from affiliated credit cards;
4. "Board" means the Board of Trustees of the Oklahoma College Savings Plan;
5. "Designated beneficiary" means:
a.with respect to an account, the person designated at the time the account is opened as the person whose higher education expenses are expected to be paid from the account,
b.in the case of a change in beneficiaries described in Section 3970.7 of this title, the individual who is the new beneficiary, or
c.in the case of an interest in the program created by this act purchased by the State of Oklahoma or a local government in this state, or an agency or instrumentality of such state or local government, or an organization described in Section 501(c)(3) of the Internal Revenue Code and exempt from taxation under Section 501(a) of that Code as part of a scholarship program operated by such government or organization, the individual(s) receiving such interest or scholarship;
6. "Eligible educational institution" means an institution as described in Section 481 of the Higher Education Act of 1965 (20 U.S.C. 1088), and is eligible to participate in a program under Title IV of that Act;
7. "Financial institution" means any bank, commercial bank, national bank, savings bank, savings and loan association, credit union, an insurance company, brokerage firm, or other similar entity that is authorized to do business in this state;
8. “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended;
9. "Member of family" means an individual who bears a relationship to another individual which is a relationship described in Section 529 of the Internal Revenue Code;
a.a qualified withdrawal,
b.a withdrawal made as a result of the death or disability of the designated beneficiary of an account,
c.withdrawal that is made on the account of a scholarship or the allowance or payment described in Section 529 of the Internal Revenue Code, received by the designated beneficiary to the extent the amount of the refund does not exceed the amount of the scholarship, allowance, or payment, or
d.a rollover or change of designated beneficiary as permitted by subsection F of Section 3970.7 of this title;
11. "Program" means the Oklahoma College Savings Plan established under this act;
12. "Qualified higher education expenses" means tuition, fees, books, supplies, and equipment required for the enrollment or attendance of a designated beneficiary at an eligible educational institution, including room and board expenses, to the extent such expenses are allowable under Section 529 of the Internal Revenue Code; and
13. "Qualified withdrawal" means a withdrawal from an account to pay the qualified higher education expenses of the designated beneficiary of the account, but only if the withdrawal is made in accordance with this act.
Added by Laws 1998, c. 366, § 3, eff. July 1, 1998. Amended by Laws 2001, c. 106, § 1, emerg. eff. April 17, 2001; Laws 2002, c. 144, § 2, emerg. eff. April 29, 2002; Laws 2006, c. 178, § 2, eff. Nov. 1, 2006.