77-27,230.

Terms, defined.

For purposes of the First-Time Home Buyer Savings Account Act:

(1) Account holder means an individual who establishes an account with a financial institution that is designated as a first-time home buyer savings account;

(2) Department means the Department of Revenue;

(3) Eligible expenses means a downpayment and any closing costs included on a real estate settlement statement, including, but not limited to, appraisal fees, mortgage origination fees, and inspection fees or any downpayment costs and fees that may be included as part of financing the construction of a primary residence;

(4) Financial institution means a bank, savings bank, building and loan association, savings and loan association, or credit union, whether chartered by the United States, the Department of Banking and Finance, or a foreign state agency; any other similar organization which is covered by federal deposit insurance; or a trust company;

(5) First-time home buyer means an individual who:

(a) Has never owned or purchased under contract for deed, either individually or jointly, a single-family, owner-occupied primary residence, including, but not limited to, a condominium unit or a manufactured or mobile home that is assessed and taxed as real property; or

(b) As a result of the individual's dissolution of marriage, has not been listed on a property title for at least three consecutive years or more;

(6) First-time home buyer savings account or account means an account with a financial institution designated as a first-time home buyer savings account in accordance with section 77-27,231; and

(7) Qualified beneficiary means a first-time home buyer designated by an account holder for whom the money in a first-time home buyer savings account is or will be used for eligible expenses for the purchase of the qualified beneficiary's primary residence.