New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 46 - NEW JERSEY INDIVIDUAL DEVELOPMENT ACCOUNT PROGRAM RULES › Subchapter 1 - GENERAL PROVISIONS › Section 5:46-1.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All definitions set
				forth in section 3 of the New Jersey Individual Development Account Act,
				44:10-88, as follows, shall be
				applicable to this chapter.
"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 the 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 200 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 (17:16I-1 et seq.).
"Program" means the New Jersey Individual Development Account
				  Program established pursuant to the provisions of the 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 the Act,
				  44:10-90.
(b) Additionally, the following words and terms,
				when used in this chapter, shall have the following meanings, unless the context
				clearly indicates otherwise:
"Act" means the New Jersey Individual Development Account Act,
				  P.L.
				  2001, c. 93,
				  44:10-86 et seq.
"Qualified provider organization" means an organization delivering
				  economic literacy training which is approved by the Commissioner to provide such
				  training, and may include a non-profit community-based organization, a public or
				  private school or school district, an institution of higher education, a nonprofit
				  consumer protection or consumer education organization, a for-profit educational
				  institution or a trade association of financial institutions.
"Supervised savings account" means a savings account of an
				  individual account holder for which a community-based organization receives at least
				  quarterly financial documentation and has documentation sufficient to establish the
				  source of all deposits.