Definitions

As used in this part 10, unless the context otherwise requires: (1) "Charitable donor" means a person who contributes to a sponsoring organization for the purposes of the IDA program. (2) "Financial institution" means an organization that is federally insured and is authorized to do business under state or federal laws relating to financial institutions and includes a bank, trust company, savings bank, building and loan association, savings and loan company or association, and credit union. (3) "Individual development account" means a contract of deposit between a depositor and a financial institution selected by a sponsoring organization. (4) "Program" or "IDA program" means the individual development account program established pursuant to this part 10. (5) "Service provider" means an institution of higher education; a provider of occupational or career and technical education; a trade school; a bank, savings and loan, or other mortgage lender; a title company; or the lessor or vendor of any office supplies, office equipment, retail space or office space or other business space, or such other provider of goods or services to be used for the commencement of a business. (6) "Sponsoring organization" means a nonprofit organization that is exempt from taxation under section 501 (c)(3) of the federal "Internal Revenue Code of 1986", as amended, that participates in IDA programs, and that verifies authorized use of individual development accounts.