C.R.S. Section 23-3.1-302
Definitions

As used in this part 3, unless the context otherwise requires:

(1)

“ABLE” means achieving a better life experience, as used in the federal “Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014”, division B, Pub.L. 113-295, as that act amends the federal “Internal Revenue Code of 1986”, as amended, to add section 529A and other federal laws.

(1.5)

“ABLE savings program” means the savings program established under this part 3 pursuant to section 529A of the internal revenue code.

(1.6)

“Account” means an individual trust account or savings account established pursuant to this part 3.

(2)

“Account owner” means the person designated as the account owner pursuant to section 529 or 529A of the internal revenue code, whichever is applicable.

(2.5)

“Adult learner” means an account owner under the college savings program who is also the account beneficiary and who opens an account in pursuit of his or her own postsecondary educational opportunities and job retraining goals.

(3)

“Authority” means collegeinvest, transferred to the department of higher education and existing as a division of that department pursuant to section 23-3.1-203.

(3.5)

“College savings program” means the college savings program established under this part 3 pursuant to section 529 of the internal revenue code.

(4)

“Designated beneficiary” or “beneficiary” means, with respect to an account, the person designated at the time the account is opened, or the person who replaces a designated beneficiary, as the person whose qualified higher education expenses or qualified disability expenses are expected to be paid from the account.

(5)

“Eligible educational institution” has the same meaning as that term is defined in section 529 of the internal revenue code.

(5.5)

“Executive director” means the executive director of the department of higher education.

(5.7)

“Federal ABLE act” means the “Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014”, division B, Pub.L. 113-295, and any amendments to the act.

(6)

“Financial institution” means any state bank, state trust company, savings and loan association, credit union chartered by the state of Colorado, national bank, broker-dealer, mutual fund, insurance company, or other similar financial entity qualified to do business in the state of Colorado.

(7)

“Internal revenue code” means the federal “Internal Revenue Code of 1986”, as amended, and regulations implementing the code.

(8)

“Manager” means a financial institution under contract with the authority to serve as an administrator of the program and recipient of contributions on behalf of the program.

(9)

“Member of the family” has the same meaning as that term is defined in section 529 or 529A of the internal revenue code, whichever is applicable.

(10)

“Nonqualified withdrawal” means a withdrawal from an account other than a qualified withdrawal.

(11)

“Program” means the college savings program or the ABLE savings program established pursuant to this part 3, as applicable.

(11.5)

“Qualified disability expenses” has the same meaning as that term is defined in section 529A of the internal revenue code.

(12)

“Qualified higher education expenses” has the same meaning as that term is defined in section 529 (e)(3) of the internal revenue code, and expenses for fees, books, supplies, and equipment required for the participation of a designated beneficiary in an apprenticeship program as defined in section 529 (c)(8) of the internal revenue code.

(13)

“Qualified withdrawal” means a withdrawal from an account, to pay any qualified expenses of the designated beneficiary of the account, a withdrawal made on account of the death or disability of the designated beneficiary, or a withdrawal made on account of a scholarship, but only if the withdrawal is made in accordance with section 529 or 529A of the internal revenue code, whichever is applicable.

(14)

“Savings contract” means an agreement entered into by the authority and an account owner to participate and establish an account in the program.

(15)

“Savings trust fund” means the trust for either the college savings program or the trust for the ABLE savings program, consisting of the accounts for that program.

Source: Section 23-3.1-302 — Definitions, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-23.­pdf (accessed Oct. 20, 2023).

23‑3.1‑101
Legislative declaration 23‑3.1‑102
Definitions 23‑3.1‑103
Division created - director - staff 23‑3.1‑103.5
Enterprise status of division 23‑3.1‑104
Duties and powers of division - rules 23‑3.1‑104.5
Additional powers of division 23‑3.1‑104.7
Restructuring plan - legislative declaration 23‑3.1‑106
Student loan program established 23‑3.1‑106.5
Special funds 23‑3.1‑107
Student loan guarantee fund - created 23‑3.1‑108
Age qualification 23‑3.1‑109
Subject to audit 23‑3.1‑110
Designation as sole state agency 23‑3.1‑111
Authority of division to enter into agreements to provide administrative and guarantee services 23‑3.1‑112
Authority and power of the division to guarantee, originate, service, make, and purchase consolidation loans and refinancing loans 23‑3.1‑201
Legislative declaration 23‑3.1‑202
Definitions 23‑3.1‑203
Authority - creation - membership - transfer of personnel 23‑3.1‑204
Organizational meeting - chairperson - conflict of interest 23‑3.1‑205
Meetings of board - quorum - expenses 23‑3.1‑205.3
Transfer of property 23‑3.1‑205.4
Collegeinvest fund - creation - control - use 23‑3.1‑205.5
Collegeinvest - enterprise status 23‑3.1‑205.7
Department of higher education - executive director - powers and duties 23‑3.1‑206
General powers and duties of the authority 23‑3.1‑206.5
Servicing of student obligations and institutional loans 23‑3.1‑206.7
Prepaid expense program 23‑3.1‑206.9
Colorado collegeinvest scholarship program - administration - fund - policies 23‑3.1‑207
Notes 23‑3.1‑208
Bonds 23‑3.1‑209
Negotiability of bonds 23‑3.1‑210
Security for bonds and notes 23‑3.1‑211
Personal liability 23‑3.1‑212
Purchase 23‑3.1‑213
Payment of bonds and advance payment contracts - limited liability of state 23‑3.1‑214
Exemption from taxation - securities law 23‑3.1‑215
Fees 23‑3.1‑216
Investment of funds 23‑3.1‑217
Proceeds as trust funds 23‑3.1‑217.5
Claims of creditors - exemption 23‑3.1‑218
Agreement of the state not to limit or alter rights of obligees 23‑3.1‑219
Enforcement of rights of bondholders 23‑3.1‑220
Bonds eligible for investment 23‑3.1‑221
Account of activities - receipts for expenditures - report - audit 23‑3.1‑222
Federal social security act 23‑3.1‑223
Powers of authority not restricted 23‑3.1‑224
Contract powers of state-supported institutions of higher education - nonliability of state 23‑3.1‑225
Confidentiality of records 23‑3.1‑226
Policies for promotion and disclosure of program information 23‑3.1‑301
Legislative declaration 23‑3.1‑302
Definitions 23‑3.1‑303
Department - purpose - powers - duties 23‑3.1‑304
Authority - purpose - powers - duties 23‑3.1‑305
Financial institutions - managers - purpose - selection - requirements - contracts 23‑3.1‑306
Accounts - contributions - withdrawals - penalties - statements 23‑3.1‑306.5
College kickstarter account program - funding - administration - financial literacy course - rules - legislative declaration - definitions 23‑3.1‑307
Limitations 23‑3.1‑307.1
Personal liability 23‑3.1‑307.3
Proceeds as trust funds 23‑3.1‑307.4
Claims of creditors - exemption 23‑3.1‑307.5
Confidentiality of records 23‑3.1‑307.9
Policies for promotion and disclosure of program information 23‑3.1‑308
Residency 23‑3.1‑309
Tax exemption 23‑3.1‑311
Achieving a better life experience (ABLE) savings program - establishment - authority - powers - duties
Green check means up to date. Up to date

Current through Fall 2024

§ 23-3.1-302’s source at colorado​.gov