2006 Utah Code - 53B-8a-102 — Definitions.

     53B-8a-102.   Definitions.
     As used in this chapter:
     (1) "Account agreement" means an agreement between an account owner and the trust entered into under this chapter.
     (2) "Account owner" means an individual, firm, corporation, or its legal representative or legal successor, who has entered into an account agreement under this chapter for the advance payment of higher education costs on behalf of a beneficiary.
     (3) "Administrative fund" means the moneys used to administer the Utah Educational Savings Plan Trust.
     (4) "Beneficiary" means the individual designated in an account agreement to benefit from payments for higher education costs at an institution of higher education.
     (5) "Benefits" means the payment of higher education costs on behalf of a beneficiary by the trust during the beneficiary's attendance at an institution of higher education.
     (6) "Board" means the board of directors of the Utah Educational Savings Plan Trust which is the state Board of Regents acting in its capacity as the Utah Higher Education Assistance Authority under Title 53B, Chapter 12.
     (7) "Endowment fund" means the endowment fund established under Section 53B-8a-107 which is held as a separate fund within the trust.
     (8) "Higher education costs" means the certified costs of tuition, fees, room and board, books, supplies, and equipment required for the enrollment or attendance of a designated beneficiary at an institution of higher education.
     (9) "Institution of higher education" means a qualified proprietary school approved by the board, a two-year or four-year public or regionally accredited private nonprofit college or university or a Utah college of applied technology, with regard to students enrolled in postsecondary training or education programs.
     (10) "Program administrator" means the administrator of the trust appointed by the board to administer and manage the trust.
     (11) "Program fund" means the program fund created under Section 53B-8a-107, which is held as a separate fund within the trust.
     (12) "Tuition and fees" means the quarterly or semester charges imposed to attend an institution of higher education and required as a condition of enrollment.
     (13) "Utah Educational Savings Plan Trust" or "trust" means the trust created under Section 53B-8a-103.
     (14) "Vested account" means an account agreement which has been in full force and effect during eight continuous years of residency of the beneficiary in the state while participating in the trust.

Amended by Chapter 109, 2005 General Session