As used in the Education Trust Act:

A. "account" means an individual trust account pursuant to a college investment agreement entered into pursuant to the college savings program;

B. "account owner" means the person who has entered into a college investment agreement with the board and is designated as having the right to withdraw money from the account before the account is disbursed to or for the benefit of the beneficiary;

C. "beneficiary" means the person who is designated at the time the account is opened, or the person who replaces a designated beneficiary, as the person whose education expenses are expected to be paid from the account;

D. "board" means the education trust board;

E. "college investment agreement" means an agreement entered into by the board and an account owner to participate in the college savings program and establish an account to be used for the qualified higher education expenses of a beneficiary at an eligible institution of higher education;

F. "department" means the higher education department;

G. "financial institution" means a bank, broker-dealer, insurance company, mutual fund, savings and loan association or other financial entity;

H. "institution of higher education" means a post-secondary educational institution eligible to participate in student financial aid programs administered by the United States department of education;

I. "Internal Revenue Code" means the federal Internal Revenue Code of 1986, as amended; and

J. "manager" means a financial institution under contract with the board to serve as manager of a college savings plan in the college savings program and receive contributions on behalf of the program.

History: Laws 1997, ch. 259, § 2; 1999, ch. 221, § 1; repealed and reenacted by Laws 2014, ch. 76, § 2.

Repeals and reenactments. — Laws 2014, ch. 76, § 2 repealed former 21-21K-2 NMSA 1978, and enacted a new section, effective May 21, 2014.

Cross references. — For the federal Internal Revenue Code, see 26 U.S.C.S. § 1 et seq.

The 1999 amendment, effective June 18, 1999, in Subsection G, added "or, if approved by the board, another public or private post-secondary educational institution located in this state or any other state".