2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21K - Education Trusts › Section 21-21K-2 - Definitions.

As used in the Education Trust Act:
A. "account" means an individual trust account pursuant to an education investment agreement entered into pursuant to the education savings program;
B. "account owner" means the person who has entered into an education investment agreement with the board and is designated as having the right to withdraw money from the account before the account is disbursed to or for the benefit of the beneficiary;
C. "beneficiary" means the person who is designated at the time the account is opened, or the person who replaces a designated beneficiary, as the person whose qualified higher education expenses are expected to be paid from the account;
D. "board" means the education trust board;
E. "education investment agreement" means an agreement entered into by the board and an account owner to participate in the education savings program and establish an account to be used for the qualified higher education expenses of a beneficiary;
F. "department" means the higher education department;
G. "eligible educational institution" means any college, university, vocational school or other post-secondary institution recognized by the United States department of education;
H. "financial institution" means a bank, broker-dealer, insurance company, mutual fund, savings and loan association or other financial entity;
I. "Internal Revenue Code" means the federal Internal Revenue Code of 1986, as amended;
J. "manager" means a financial institution under contract with the board to serve as manager of an education savings plan in the education savings program and receive contributions on behalf of the program; and
K. "qualified higher education expenses" means federally allowable qualified expenses set out in the Internal Revenue Code Section 529 and includes other expenses allowed under that section as qualified education expenses.
History:
Laws 1997, ch. 259, § 2; 1999, ch. 221, § 1; repealed and reenacted by Laws 2014, ch. 76, § 2; 2023, ch. 17, § 3.
ANNOTATIONS
Repeals and reenactments.
— Laws 2014, ch. 76, § 2 repealed former 21-21K-2 NMSA 1978, and enacted a new section, effective May 21, 2014.
Cross references.
— For the federal Internal Revenue Code,
see
26 U.S.C.S. § 1 et seq.
The 2023 amendment,
effective June 16, 2023, defined "eligible educational institution" and "qualified higher education expenses", removed the definition of "institution of higher education", and revised certain definitions as used in the Education Trust Act; in Subsection A, after "account pursuant to", deleted "a college" and added "an education", and after "pursuant to the", deleted "college" and added "education"; in Subsection B, after "entered into", deleted "a college" and added "an education"; in Subsection C, after "as the person whose", added "qualified higher"; in Subsection E, deleted "college" and added "education", after "participate in the", deleted "college" and added "education", and after "beneficiary", deleted "at an eligible institution of higher education"; added a new Subsection G and redesignated former Subsection G as Subsection H; deleted former Subsection H, which defined "institution of higher education"; in Subsection J, after "serve as manager of", deleted "college" and added "an education", and after "savings plan in the", deleted "college" and added "education"; and added Subsection K.
The 1999 amendment,
effective June 18, 1999, in Subsection G, added "or, if approved by the board, another public or private post-secondary educational institution located in this state or any other state".