Iowa Code Title XIII. Commerce [Chs. 505-554D] § 541A.1. Definitions

1. “Account holder” means an individual who is the owner of an individual development account.

2. “Charitable contributor” means a nonprofit association described in section 501(c)(3) of the Internal Revenue Code 1 which makes a deposit to an individual development account and which is exempt from taxation under section 501(a) of the Internal Revenue Code.

3. “Commission” means the commission on community action agencies created in section 216A.92A.

4. “Department” means the department of health and human services.

5. “Director” means the director of health and human services.

6. “Federal poverty level” means the first poverty income guidelines published in the calendar year by the United States department of health and human services.

7. “Financial institution” means a financial institution approved by the director as an investment mechanism for individual development accounts.

8. “Household income” means the annual household income of an account holder or prospective account holder, as determined in accordance with rules adopted by the director.

9. “Individual contributor” means an individual who makes a deposit to an individual development account and is not the account holder or a charitable contributor.

10. “Individual development account” means either of the following:

11. “Operating organization” means an agency selected by the department for involvement in operating individual development accounts directed to a specific target population.

12. “Source of principal” means any of the sources of a deposit to an individual development account under section 541A.2, subsection 2.