Section 27-7-1101 - DefinitionsAs used in this article, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:
(a) " Account holder" means an individual who establishes, individually or jointly with one or more other individuals, an account with a financial institution for which the account holder claims a first-time home buyer savings account status on his Mississippi income tax return.(b) "Allowable closing costs" means a disbursement listed on a settlement statement for the purchase of a single-family residence in this state by a qualified beneficiary.(c) "Eligible costs" means the down payment and allowable closing costs for the purchase of a single-family residence in this state by a qualified beneficiary.(d) "Financial institution" means any bank, trust company, savings institution, consumer finance company, credit union, safe deposit company, money market mutual fund, or similar entity authorized to do business in this state.(e) "First-time home buyer savings account" or "account" means an account with a financial institution for which the account holder claims first-time home buyer savings account status on his Mississippi income tax return for taxable year 2018 or any taxable year thereafter, pursuant to this article for the purpose of paying or reimbursing eligible costs for the purchase of a single-family residence in this state by a qualified beneficiary.(f) "Qualified beneficiary" means an individual or individuals who reside in this state at the time of settlement on the purchase of a single-family residence in this state and: (i) Have never owned or purchased under contract for deed, either individually or jointly, a single-family residence in this state or outside of this state;(ii) Are designated as the beneficiary of an account designated by the account holder as a first-time home buyer savings account; and(iii) May apply monies or funds held in such account for eligible costs. A qualified beneficiary may use the funds from such account for eligible costs regardless of whether such qualified beneficiary purchases the single-family residence as sole owner or jointly with another individual.(g) "Settlement statement" means the statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA), 12 USCS Section 2601 et seq., as amended, and the regulations thereunder, or an executed sales agreement for the purchase of a manufactured home being conveyed as personal property.(h) "Single-family residence" means a single-family residence owned and occupied by a qualified beneficiary, and also includes a manufactured home, modular home, mobile home, condominium unit, or cooperative.(i) "State" means the State of Mississippi.Added by Laws, 2017, ch. 376, HB 1601, 1, eff. 1/1/2017.