Section R7-3-501. Definitions

A.       “Account year” means the period beginning on October 1 and ending on September 30 of each year.

B.       “A.R.S.” means Arizona Revised Statutes.

C.       “Cash” means currency, bills and coin in circulation, or con- verting a negotiable instrument to cash by endorsing and pre- senting to a financial institution for deposit. An automatic transfer, cashier’s check, certified check, money order, payroll deposit, traveler’s check, personal check, and wire transfer will be treated as cash. Deposits will also be accepted by credit card.

D.       “Code” means the Internal Revenue Service Code of 1986, as amended, or the corresponding provision of any future United States Internal Revenue law.

E.       “Commission” means the Commission for Postsecondary Edu- cation as defined in A.R.S. § 15-1871.

F.       “Committee” means the Family College Savings Program Oversight Committee as defined in A.R.S. § 15-1871.

G.      “Distributee” means the designated beneficiary or the account owner who receives or is treated as receiving a distribution from an account. If a distribution is made directly to the desig- nated beneficiary or to an eligible educational institution for the benefit of the designated beneficiary, the designated bene- ficiary is the distributee. In all other circumstances, the account owner is the distributee.

H.      “Eligible educational institution” means an institution of higher education that qualifies under § 529 of the Code as an eligible educational institution.

I.         “Negotiable instrument” means negotiable instrument as defined in A.R.S. § 47-3104.

J.        “Qualified Tuition Program” means a qualified tuition pro- gram as defined in § 529 of the Code.

Historical Note

Adopted effective October 31, 1997, under an exemption from the Administrative Procedure Act pursuant to

A.R.S. § 15-1852(C) (Supp. 97-4). Amended effective December 21, 1998, under an exemption from the

Administrative Procedure Act pursuant to A.R.S. § 15- 1852(C) (Supp. 98-4). Amended by exempt rulemaking at 6 A.A.R. 917, effective February 10, 2000 (Supp. 00-

1). Amended by exempt rulemaking at 8 A.A.R. 486,

effective January 9, 2002 (Supp. 02-1). Amended by

exempt rulemaking at 8 A.A.R. 3743, effective August 8,

2002 (Supp. 02-3). Amended by exempt rulemaking at 9

A.A.R. 3886, effective August 14, 2003 (Supp. 03-3).