New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 7 - TUITION AND FINANCIAL AID
Part 30 - EDUCATION TRUST BOARD AND COLLEGE SAVINGS PROGRAM
Section 5.7.30.7 - DEFINITIONS
Current through Register Vol. 35, No. 18, September 24, 2024
The following terms shall have the following meanings in this rule:
A. "Act" means Section 21-21K-1 et seq. NMSA 1978.
B. "Board" means the education trust board of the state of New Mexico.
C. "Chair" means the chair of the board or any person acting under the delegated authority of the chair.
D. "College investment agreement" means an agreement between an account owner and the board providing for the establishment by the account owner of an account within the education trust fund and for the administration of such account for the benefit of the account owner and of the beneficiary.
E. "College savings program" means the college savings program administered by the board as described in and governed by the act and this rule, which may include one or more college savings plans.
F. "Federal requirements" means the provisions of the internal revenue code, as amended from time to time, for qualified state tuition programs, and includes any promulgated regulations, proposed regulations and any administrative or judicial rulings, if such are applicable in the opinion of the chair or board counsel.
G. "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended.
H. "Members" means the members of the education trust board of the state of New Mexico.
I. "Program procedures and guidelines" means such operating procedures and guidelines for administration of the college savings program, consistent with the act, this rule and federal requirements, as may be established by the board.
