541B.2 Definitions.

As used in this chapter, unless the context otherwise requires:

1. “Account holder” means an individual who establishes, either individually or jointly with the individual’s spouse, a first-time homebuyer savings account pursuant to section 541B.3.

2. “Department” means the department of revenue.

3. “Designated beneficiary” means an individual meeting the requirements of section 541B.3, subsection 2, and designated by an account holder as beneficiary of the account holder’s first-time homebuyer savings account pursuant to section 541B.3, subsection 2.

4. a. “Eligible home costs” means the following:

(1) The down payment for the purchase of a single-family residence in Iowa by a designated beneficiary.

(2) A cost, fee, tax, or payment incurred by, or charged or assigned to, a designated beneficiary for the purchase of a single-family residence in Iowa, and listed on the statement of receipts and disbursements for the sale, including any statement prescribed by

12 C.F.R. §1026.38

, as amended.

b. “Eligible home costs” includes any United States veterans administration funding fee incurred by, or charged or assigned to, a designated beneficiary in connection with a veterans administration home loan guaranty program.

5. “Financial institution” means a state or federally chartered bank, savings and loan association, credit union, or trust company in this state.

6. “First-time homebuyer” means an individual who is a resident of Iowa and who does not own, either individually or jointly, a single-family or multifamily residence, and who has not owned or purchased, either individually or jointly, a single-family or multifamily residence for a period of three years prior to all of the following:

a. The date on which the individual is named as a designated beneficiary of a first-time homebuyer savings account.

b. The date of the qualified home purchase for which the eligible home costs are paid or reimbursed from a first-time homebuyer savings account.

7. “First-time homebuyer savings account” means an account that meets the requirements of sections 541B.3 and 541B.4 and that was established for the purpose of paying or reimbursing a designated beneficiary’s eligible home costs in connection with a qualified home purchase.

8. “Individual” means a natural person.

9. “Qualified home purchase” means, with respect to a first-time homebuyer savings account, the purchase of a single-family residence in Iowa by the account’s designated beneficiary ninety or more days after the date the account holder first opened a first-time homebuyer savings account.

10. “Resident” means the same as defined in section 422.4.

11. “Single-family residence” means a single-family residence owned and occupied by a designated beneficiary as the designated beneficiary’s principal residence, including but not limited to a manufactured home, mobile home, condominium unit, or cooperative.

2017 Acts, ch 116, §4

Referred to in §422.7(41)(e), 422.9