Colorado § 39-22-4703 - Definitions.
Full text of Colorado Colorado Revised Statutes § 39-22-4703 — Definitions., with citation guidance and answers to common questions.
§ 39-22-4703. Definitions.
As used in this part 47, unless the context otherwise requires:
(1) "Account holder" means an individual who establishes an account with a financial institution that is designated as a first-time home buyer savings account in accordance with section 39-22-4704.
(2) "Department" means the department of revenue.
(3) "Eligible expenses" means a down payment and any closing costs included on a real estate settlement statement, including, but not limited to, appraisal fees, mortgage origination fees, and inspection fees.
(4) "Financial institution" means any state bank, state trust company, savings and loan association, federally chartered credit union doing business in Colorado, 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.
(5) "First-time home buyer" means an individual who:
(a) Has never owned or purchased under contract for deed, either individually or jointly, a single-family, owner-occupied primary residence, including, but not limited to, a condominium unit or a manufactured or mobile home that is assessed and taxed as real property; or
(b) As a result of the individual's dissolution of marriage, has not been listed on a property title for at least three consecutive years or more.
(6) "First-time home buyer savings account" or "account" means an account with a financial institution designated as such in accordance with section 39-22-4704 (1).
(7) "Qualified beneficiary" means a first-time home buyer designated by an account holder for whom the money in a first-time home buyer savings account is or will be used for eligible expenses for the purchase of his or her primary residence in the state.
Source: L. 2016: Entire part added, (HB 16-1467), ch. 321, p. 1302, § 2, effective August 10.
Frequently Asked Questions About Colorado § 39-22-4703
What does Colorado Revised Statutes § 39-22-4703 cover?
Section 39-22-4703 ("Definitions.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 39-22-4703?
A common citation format is "Colorado Revised Statutes § 39-22-4703" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 39-22-4703 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.