“Financial institution” means a bank, a commercial bank, a national bank, a savings bank, a savings and loan, a thrift institution, a credit union, an insurance company, a trust company, a mutual fund, an investment firm or other similar entity authorized to do business in this state.
“Higher education institution” means an eligible education institution as defined in section 529(e)(5) of the Internal Revenue Code.
“Internal Revenue Code” means the federal Internal Revenue Code as amended and in effect on December 31, 2018.
“Member of the family” shall have the same meaning as contained in section 529(e) of the Internal Revenue Code.
“Nonqualified withdrawal” means a withdrawal from an account that is not a qualified withdrawal.
“Qualified higher education expenses” means tuition and other permitted expenses as set forth in section 529(e) of the Internal Revenue Code for the enrollment or attendance of a designated beneficiary at a higher education institution.
From an account to pay the qualified higher education expenses of the designated beneficiary;
As the result of the death or disability of the designated beneficiary;
As the result of a scholarship, allowance or payment described in section 135(d)(1)(A), (B) or (C) of the Internal Revenue Code that is received by the designated beneficiary, but only to the extent of the amount of the scholarship, allowance or payment; or