§ 400.2101. Definitions
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and CommerceEffective: July 5, 2005
Effective: July 5, 2005
73 P.S. § 400.2101
§ 400.2101. Definitions
The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:
“Account.” A family savings account that is opened and maintained by a saver enrolled in the program.
“Approved plan.” A plan developed for an individual saver defining savings goals and program requirements, including the saver's anticipated use of both the savings and the match. The approved plan shall serve as the contract between the saver and the service provider and shall be for a contribution period of not less than 12 months nor more than 36 months.
“Department.” The Department of Community and Economic Development of the Commonwealth.
“Education.” A postsecondary program of instruction provided by a college, university, community college, area vocational-technical school,1 professional institution or specialized degree-granting college or school legally authorized to grant degrees. The term shall also include a job training or related educational program approved by the Department of Community and Economic Development. The term shall not include a school of theology or theological seminary.
“Eligible uses.” Education, purchase of a home, participation in entrepreneurial activity, enrollment of a saver's child in day care to enable the saver to participate in job training, any work-related activity or educational program or other activity based on an approved plan.
“Entrepreneurial activity.” Purchase of or investment in a for-profit venture in which the saver will be a principal.
“Financial institution.” Any of the following:
“Match.” An amount equal to 50%, up to $500 per year, of the money deposited into the account by a saver during the contribution period of the saver's approved plan.
“Minimum savings amount.” An amount established in the approved plan as the minimum amount to be deposited by a saver in order to be eligible for the match.
“Program.” The Family Savings Account Program established pursuant to this chapter.
“Saver.” An individual or family who resides in this Commonwealth and whose total annual income at the time of enrollment is not more than 200% of the Federal poverty standard or not more than 80% of area median income, whichever is greater, and who has applied for enrollment in the program.
“Service provider.” A nonprofit institution that encourages and assists local community building and that is certified by the Department of Community and Economic Development for participation in the program.
Credits
1996, June 29, P.L. 434, No. 67, § 2101, added 1997, June 24, P.L. 247, No. 23, § 3, effective July 1, 1997. Amended 1998, Nov. 17, P.L. 788, No. 100, § 9, imd. effective; 2000, June 22, P.L. 310, No. 29, § 1, imd. effective; 2005, July 5, P.L. 71, No. 29, § 1, imd. effective.
Footnotes
Reference to “area vocational-technical school” deemed to be reference to “area career and technical school”, pursuant to 2019, June 28, P.L. 117, No. 16, § 27; 2019, June 28, P.L. 146, No. 18, § 23; 2019, Oct. 30, P.L. 460, No. 76, § 62.
73 P.S. § 400.2101, PA ST 73 P.S. § 400.2101
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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