53B-8a-102.   Definitions.
     As used in this chapter:
     (1) "Account agreement" means an agreement between an account owner and the Utah Educational Savings Plan Trust entered into under this chapter.
     (2) "Account owner" means a person, estate, or trust, if that person, estate, or trust has entered into an account agreement under this chapter to save for the 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 the amount saved for higher education costs.
     (5) "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.
     (6) "Endowment fund" means the endowment fund established under Section 53B-8a-107 which is held as a separate fund within the Utah Educational Savings Plan Trust.
     (7) "Higher education costs" means qualified higher education expenses as defined in Section 529(e)(3), Internal Revenue Code.
     (8) "Program administrator" means the administrator of the Utah Educational Savings Plan Trust appointed by the board to administer and manage the Utah Educational Savings Plan Trust.
     (9) "Program fund" means the program fund created under Section 53B-8a-107, which is held as a separate fund within the Utah Educational Savings Plan Trust.
     (10) "Qualified investment" means an amount invested in accordance with an account agreement established under this chapter.
     (11) "Tuition and fees" means the quarterly or semester charges imposed to attend an institution of higher education and required as a condition of enrollment.
     (12) "Utah Educational Savings Plan Trust" means the Utah Educational Savings Plan Trust created under Section 53B-8a-103.

Amended by Chapter 196, 2008 General Session
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Last revised: Wednesday, October 08, 2008