Section 208.750

Title XII PUBLIC HEALTH AND WELFARE

Chapter 208

Effective - 28 Aug 2007   

  208.750.  Title — definitions. — 1.  Sections 208.750 to 208.775 shall be known and may be cited as the "Family Development Account Program".

  2.  For purposes of sections 208.750 to 208.775, the following terms mean:

  (1)  "Account holder", a person who is the owner of a family development account;

  (2)  "Community-based organization", any religious or charitable association formed pursuant to chapter 352 or any nonprofit corporation formed under chapter 355 that is approved by the director of the department of economic development to implement the family development account program;

  (3)  "Department", the department of economic development;

  (4)  "Director", the director of the department of economic development;

  (5)  "Family development account", a financial instrument established pursuant to section 208.760;

  (6)  "Family development account reserve fund", the fund created by an approved community-based organization for the purposes of funding the costs incurred in the administration of the program and for providing matching funds for moneys in family development accounts;

  (7)  "Federal poverty level", the most recent poverty income guidelines published in the calendar year by the United States Department of Health and Human Services;

  (8)  "Financial institution", any bank, trust company, savings bank, credit union or savings and loan association as defined in chapter 362, 369 or 370 and with an office in Missouri which is approved by the director for participation in the program;

  (9)  "Program", the Missouri family development account program established in sections 208.750 to 208.775;

  (10)  "Program contributor", a person or entity who makes a contribution to a family development account reserve fund and is not the account holder.

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(L. 1999 S.B. 387, et al. § 9, A.L. 2007 S.B. 30 merged with S.B. 577)