Section 457-315-1 - DefinitionsThe following terms, some of which are defined in the Finance Authority of Maine Act, 10 M.R.S.A. §961et seq. (the "Act"), shall have the following meanings in this rule:
A. "Account holder" means a person (or, in the case of joint account holders, persons) whose family income is below 200% of the nonfarm income official poverty line as defined by the federal Office of Management and Budget and revised annually in accordance with the United States Omnibus Budget Reconciliation Act of 1981, Section 673, subsection 2 codified at 42 U.S.C. § 9902(2), § 673(2) of the Omnibus Budget Reconciliation Act of 1981, as annually amended, who owns a family development account and who, after opening the account, meets the criteria of Section 8. B. "Applicant" means a community development organization which has submitted an application to administer family development accounts.C. "Authority" means the Finance Authority of Maine.D. "Chief Executive Officer" means the Authority's Chief Executive Officer or any person acting under the delegated authority and supervision of the Chief Executive Officer.E. "Committee" means the advisory committee on family development accounts.F. "Community development organization" or "CDO" means a charitable organization, a community action agency or a nonprofit organization under the Internal Revenue Code, Section 501(c)(3) approved by the Authority to administer a family development account program.G. "Contract" means a contract between the Authority and any applicant setting forth the terms of the applicant's participation as an administrator of family development accounts.H. "Eligible uses" means a use permitted under Section 9 of this rule.I. "Family development account" or "account" means a financial instrument established pursuant to this rule.J. "Family development account reserve fund" means the fund created by an approved community development organization for the purpose of funding the administrative costs of the program and providing matching funds for deposit in family development accounts.K. "Financial Institution" means a credit union or financial institution authorized to do business in the State of Maine under Title 9-B and that meets standards established by the Authority.L. "Members" means the members of the Board of Directors of the Finance Authority of Maine.M. "Program" means the Family Development Account Program as described in and governed by the Act and this rule.N. "State" means the State of Maine.94-457 C.M.R. ch. 315, § 1