Definitions

As used in this Chapter, unless the context otherwise requires:

(a)Account or ABLE savings account means an individual savings account established in accordance with this Chapter.

(b)Account owner means the person who enters into a savings agreement pursuant to this Chapter.

(c)Designated beneficiary means a resident of Guam whose qualified disability expenses may be paid from the account.

(d)Director means the Director of the Guam Department of Administration.

(e)Eligible individual means an individual who is entitled to benefits based on blindness or disability under 42 U.S.C. § 401 et seq. or 42 U.S.C. § 1381 et seq., as amended, and for whom blindness or disability occurred before the date on which the individual attained the age of twenty-six (26), or an individual who filed for the taxable year, a disability certification with and to the satisfaction of the Director, or the Secretary, if required.

(f)Financial organization means authorized to do business on Guam that is: COL5/16/2022 an organization CH. 53 GUAM ABLE SAVINGS PROGRAM

(1)licensed or chartered under the banking and insurance laws of Guam;

(2)licensed or chartered under the savings and loan association laws of Guam;

(3)chartered by an agency of the federal government; or

(4)subject to the jurisdiction and regulation of the federal Securities and Exchange Commission.

(g)Management contract means the contract executed by the Director and a financial organization selected to act as a depository and manager of the Program.

(h)Member of the family has the same meaning defined in § 529A of the Internal Revenue Code of 1986, as amended.

(i)Non-qualified withdrawal means a withdrawal from an account that is not:

(1)a qualified withdrawal; or

(2)a rollover distribution.

(j)Program means the Guam ABLE Savings Program established under this Chapter.

(k)Program manager means a financial organization selected by the Director to act as a depository and manager of the Program.

(l)Qualified disability expense means any qualified disability expense included in § 529A of the Internal Revenue Code of 1986, as amended.

(m)Qualified withdrawal means a withdrawal from an account to pay the qualified disability expenses of the designated beneficiary of the account.

(n)Rollover distribution means a rollover distribution as defined in § 529A of the Internal Revenue Code of 1986, as amended.

(o)Savings agreement means an agreement between the program manager or the Director and the account owner. COL5/16/2022 CH. 53 GUAM ABLE SAVINGS PROGRAM

(p)Secretary means the Secretary of the United States Department of the Treasury.