2005 Idaho Code - 56-1101 — DEFINITIONS

                                  TITLE  56
                        PUBLIC ASSISTANCE AND WELFARE
                                  CHAPTER 11
                    IDAHO FAMILY ASSET BUILDING INITIATIVE
    56-1101.  DEFINITIONS. As used in this chapter, unless the context
requires otherwise:
    (1)  "Account holder" means a member of a low-income household who is the
named depositor of an individual development account.
    (2)  "Board" means the individual development account advisory board as
established pursuant to the provisions of this chapter.
    (3)  "Fiduciary organization" means a nonprofit, fundraising organization
that is exempt from taxation under section 501(c)(3) of the Internal Revenue
Code, approved by the state, including any Indian tribe as defined in section
4(12) of the native American housing assistance and self-determination act of
1996 (25 U.S.C. section 4103(12)) and any tribal subsidiary, subdivision, or
other wholly owned tribal entity.
    (4)  "Financial institution" means any state bank, national bank, savings
bank, savings and loan association, credit union, insurance company, brokerage
firm or other similar entity that insures the deposits of its investors and is
authorized to do business in this state.
    (5)  "Individual development account" means a contract between an account
holder and a fiduciary organization, for the deposit of funds into a financial
institution by the account holder, and the deposit of matching funds into the
financial institution by the fiduciary organization from private and public
contributions made to the fiduciary organization for such purpose, to allow
the account holder to accumulate assets for use toward achieving a specific
purpose approved by the fiduciary organization.
    (6)  "Low-income household" means a single person or family whose adjusted
annual income is less than two hundred percent (200%) of the annual federal
poverty guideline.