{"data":{"id":"us-ok/okla.-stat.-tit.-56-56-254","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 56, § 56-254","heading":"Definitions","body":"As used in this act:\n\n1. \"Department\" means the Department of Human Services;\n\n2. \"Eligible educational institution\" means the following:\n\na. an institution described in 20 U.S.C., Section\n\n1088(a)(1) or 1141(a), as such sections are in effect\n\non November 1, 1998, and\n\nb. an area vocational education school, as defined in 20\n\nU.S.C., Section 2471(4), subparagraph (C) or (D), as\n\nsuch section is in effect on November 1, 1998;\n\n3. \"Federal poverty level\" means the poverty income guidelines\n\npublished for a calendar year by the United States Department of\n\nHealth and Human Services;\n\n4. \"Fiduciary organization\" means the organization that will\n\nserve as an intermediary between an individual account holder and a\n\nfinancial institution holding account funds. Fiduciary\n\norganizations may include:\n\na. not-for-profit organizations described in Section\n\n501(c)(3) of the Internal Revenue Code of 1986, 26\n\nU.S.C., Section 501(c)(3),\n\nb. state or local government agencies submitting an\n\napplication jointly with another entity described in\n\nthis paragraph,\n\nc. community development financial institutions as\n\ndefined pursuant to federal law,\n\nd. for-profit financial institutions and community\n\ndevelopment corporations,\n\ne. credit unions, or\n\nf. partnerships involving any of the above;\n\n5. \"Financial institution\" means an organization authorized to\n\ndo business under state or federal laws relating to financial\n\ninstitutions, and includes but is not limited to a bank, trust\n\ncompany, savings bank, building and loan association, savings and\n\nloan company or association, or credit union;\n\n6. \"Individual development account\" or \"IDA\" means an account\n\ncreated pursuant to this act exclusively for the purpose of paying\n\nthe expenses of an eligible individual or family for the purposes\n\nset forth in Section 7 of this act;\n\n7. \"Operating costs\" includes, but is not limited to,\n\nadministrative costs and costs of training IDA participants in\n\neconomic and financial literacy and IDA uses;\n\n8. \"Postsecondary educational expenses\" means:\n\na. tuition and fees required for the enrollment or\n\nattendance of an IDA account holder or immediate\n\nfamily member thereof who is a student at an eligible\n\neducational institution, and\n\nb. fees, books, supplies, and equipment required for\n\ncourses of instruction for an IDA account holder or\n\nimmediate family member thereof who is a student at an\n\neligible educational institution;\n\n9. \"Qualified acquisition costs\" means the costs of acquiring,\n\nconstructing, or reconstructing a residence to be occupied by an IDA\n\naccount holder or an immediate family member thereof, including, but\n\nnot limited to, any usual or reasonable settlement, financing, or\n\nother closing costs;\n\n10. \"Qualified business\" means any business that does not\n\ncontravene any law or public policy;\n\n11. \"Qualified business capitalization expenses\" means\n\nqualified expenditures for the capitalization of a qualified\n\nbusiness pursuant to a qualified plan;\n\n12. \"Qualified expenditures\" means expenditures included in a\n\nqualified plan, including but not limited to capital, plant,\n\nequipment, working capital, and inventory expenses;\n\n13. \"Qualified plan\" means a plan for the operation of a\n\nbusiness by an IDA account holder or an immediate family member\n\nthereof which:\n\na. is approved by a financial institution, or by a\n\nnonprofit microenterprise program having demonstrated\n\nbusiness expertise,\n\nb. includes a description of services or goods to be\n\nsold, a marketing plan, and projected financial\n\nstatements,\n\nc. may require the eligible individual to obtain the\n\nassistance of an experienced entrepreneurial advisor,\n\nand\n\nd. is approved by the Department of Human Services; and\n\n14. \"Qualified principal residence\" means a principal residence\n\nwithin the meaning of Section 1034 of the Internal Revenue Code of\nription of services or goods to be\n\nsold, a marketing plan, and projected financial\n\nstatements,\n\nc. may require the eligible individual to obtain the\n\nassistance of an experienced entrepreneurial advisor,\n\nand\n\nd. is approved by the Department of Human Services; and\n\n14. \"Qualified principal residence\" means a principal residence\n\nwithin the meaning of Section 1034 of the Internal Revenue Code of\n\n1986, 26 U.S.C., Section 1034, of an IDA account holder or an\n\nimmediate family member thereof, the qualified acquisition costs of\n\nwhich do not exceed the average area purchase price applicable to\n\nsuch residence, determined in accordance with paragraphs (2) and (3)\n\nof Section 143(e) of the Internal Revenue Code, 26 U.S.C., Section\n\n143(e)(2) and (3).","path":["OK Code","Title 56"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os56.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"7eaa01920ef8f0356d85e2720445deb30c00c667a957a7fb131d442212d156e4","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-56-56-253","next":"us-ok/okla.-stat.-tit.-56-56-255"},"notice":"GroundRules: Original legal text. Not legal advice."}