Section 38-2502 - [Definitions]As used in this act:
(a) "Act" means the adoption savings account act.(b) "Account" or "adoption savings account" means an individual savings account established in accordance with the provisions of this act.(c) "Account holder" means an individual who establishes an account that is designated as an adoption savings account pursuant to the provisions of section 3, and amendments thereto, with a financial institution.(d) "Designated beneficiary" means the individual designated by an account holder pursuant to the provisions of section 3, and amendments thereto, as the individual whose eligible expenses are expected to be paid from the account for the adoption of a child.(e) "Eligible expenses" means:(1) Reasonable fees for legal and other professional services rendered in connection with an adoption or placement for adoption not to exceed customary fees for similar services by professionals of equivalent experience and reputation where the services are performed;(2) reasonable fees of a licensed child-placing agency;(3) actual and necessary expenses incidental to the adoption or placement proceeding;(4) actual medical expenses of the mother attributable to pregnancy and birth;(5) actual medical expenses of the child; and(6) reasonable living expenses of the mother that are incurred during or as a result of the pregnancy.(f) "Financial institution" means any state or federally chartered bank, trust company, savings and loan association or credit union that is: (1) Authorized to do business in this state; and(2) insured by the federal deposit insurance corporation or the national credit union administration.(g) "Secretary" means the secretary of revenue.Added by L. 2024, ch. 93,§ 2, eff. 7/1/2024.