Idaho § 56-1101 - Definitions
Full text of Idaho Idaho Statutes § 56-1101 — Definitions, with citation guidance and answers to common questions.
§ 56-1101. Definitions
As used in this chapter, unless the context requires otherwise:
(1) "Account holder" means a member of a low-income household who is the named depositor of an individual development account.
(2) "Board" means the individual development account advisory board as established pursuant to the provisions of this chapter.
(3) "Fiduciary organization" means a nonprofit, fundraising organization that is exempt from taxation under section 501(c)(3) of the Internal Revenue Code, approved by the state, including any Indian tribe as defined in section 4(12) of the native American housing assistance and self-determination act of 1996 (25 U.S.C. section 4103(12)) and any tribal subsidiary, subdivision, or other wholly owned tribal entity.
(4) "Financial institution" means any state bank, national bank, savings bank, savings and loan association, credit union, insurance company, brokerage firm or other similar entity that insures the deposits of its investors and is authorized to do business in this state.
(5) "Individual development account" means a contract between an account holder and a fiduciary organization, for the deposit of funds into a financial institution by the account holder, and the deposit of matching funds into the financial institution by the fiduciary organization from private and public contributions made to the fiduciary organization for such purpose, to allow the account holder to accumulate assets for use toward achieving a specific purpose approved by the fiduciary organization.
(6) "Low-income household" means a single person or family whose adjusted annual income is less than two hundred percent (200%) of the annual federal poverty guideline.
[56-1101, added 2002, ch. 149, sec. 1, p. 435.]
Frequently Asked Questions About Idaho § 56-1101
What does Idaho Statutes § 56-1101 cover?
Section 56-1101 ("Definitions") is part of the Idaho Statutes, the codified statutory law of Idaho. 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 Idaho § 56-1101?
A common citation format is "Idaho Statutes § 56-1101" (Idaho). 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 Idaho law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Idaho official source linked on this page or consult a licensed Idaho attorney.
How does Idaho § 56-1101 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Idaho 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 Idaho.