Sec. 31-51ww. Individual development account programs: Definitions. - Connecticut Statutes

      Sec. 31-51ww. Individual development account programs: Definitions. As used in this section and sections 31-51xx to 31-51eee, inclusive:

      (1) "Account holder" means a participant in a certified state IDA program;

      (2) "Department" means the Labor Department;

      (3) "Approved plan" means a plan prepared jointly by the account holder and the community-based organization that defines savings goals, program requirements and permissible uses of the individual development account and its matching funds pursuant to sections 31-51xx to 31-51aaa, inclusive, and regulations adopted pursuant to section 31-51ddd. The approved plan shall be a contract between the account holder and the community-based organization;

      (4) "Area median income" means area median household income as determined from time to time by the United States Department of Housing and Urban Development;

      (5) "Certified state IDA program" means a program of matched savings accounts that has been certified by the department in accordance with regulations adopted pursuant to section 31-51ddd;

      (6) "Clearinghouse" means a service to provide organizations interested in establishing, or which have established, individual development account programs with literature on federal, state and other sources of funding, guidelines for best practices and program standards, and information regarding the establishment and maintenance of certified state IDA programs;

      (7) "Community-based organization" means an organization exempt from taxation pursuant to section 501(c)(3) of the Internal Revenue Code of 1986 or any subsequent corresponding internal revenue code of the United States, as from time to time amended, which meets the requirements set forth in regulations pursuant to section 31-51ddd;

      (8) "Education" means (A) a postsecondary program of instruction provided by a college, university, community college, area vocational-technical school, professional institution or specialized college or school legally authorized to grant degrees, or (B) any related educational program approved by the community-based organization and the department;

      (9) "Entrepreneurial activity" means the purchase of or investment in a small business, as defined in subsection (a) of section 4-168a, in Connecticut in which, upon such purchase or investment, the account holder will be a principal;

      (10) "Federal poverty level" means the most recent poverty income guidelines published by the United States Department of Health and Human Services;

      (11) "Financial institution" means a "financial institution", as defined in section 36a-330;

      (12) "Household" means a household, as defined in the federal Assets for Independence Act, P.L. 105-235;

      (13) "Individual development account" means a savings account, maintained in a program that is established pursuant to section 31-51xx that is held in a financial institution, for the sole purpose of holding the funds of the account holder for one of the purposes described in subsection (a) of section 31-51xx;

      (14) "Individual Development Account Reserve Fund" means a nonlapsing fund administered by the department for the purposes of providing matching funds for individual development accounts in certified state IDA programs, and for funding costs incurred by community-based organizations in the operation and administration of such programs and department's administrative costs for the Connecticut IDA Initiative;

      (15) "Connecticut IDA Initiative" means the state-wide individual development account initiative established in section 31-51xx;

      (16) "Job training" means a program for job entrance or skill development approved by the community-based organization and the department; and

      (17) "Qualified disabled individual" means a disabled individual eligible for assistance to the disabled pursuant to chapter 319mm.

      (P.A. 00-192, S. 1, 102.)

      History: P.A. 00-192 effective January 1, 2001.