Okla. Stat. tit. 70, § 70-3970.3

As used in this act:

1. "Account" means an individual trust account or savings

account established as prescribed in this act;

2. "Account owner" means the person or other entity allowable

under Section 529 of the Internal Revenue Code designated at the

time an account is opened as having the right to withdraw monies

from the account before the account is disbursed to or for the

benefit of the designated beneficiary;

3. "Affinity program" means any supplemental feature to the

Oklahoma College Savings Plan that offers additional value for plan

participants including, but not limited to, rebate contributions

from affiliated credit cards;

4. "Board" means the Board of Trustees of the Oklahoma College

Savings Plan;

5. "Designated beneficiary" means:

a. with respect to an account, the person designated at

the time the account is opened as the person whose

higher education expenses are expected to be paid from

the account,

b. in the case of a change in beneficiaries described in

Section 3970.7 of this title, the individual who is

the new beneficiary, or

c. in the case of an interest in the program created by

this act purchased by the State of Oklahoma or a local

government in this state, or an agency or

instrumentality of such state or local government, or

an organization described in Section 501(c)(3) of the

Internal Revenue Code and exempt from taxation under

Section 501(a) of that Code as part of a scholarship

program operated by such government or organization,

the individual(s) receiving such interest or

scholarship;

6. "Eligible educational institution" means an institution as

described in Section 481 of the Higher Education Act of 1965 (20

U.S.C. 1088), and is eligible to participate in a program under

Title IV of that Act;

7. "Financial institution" means any bank, commercial bank,

national bank, savings bank, savings and loan association, credit

union, an insurance company, brokerage firm, or other similar entity

that is authorized to do business in this state;

8. "Internal Revenue Code" means the Internal Revenue Code of

1986, as amended;

Oklahoma Statutes - Title 70. Schools Page 1586

9. "Member of family" means an individual who bears a

relationship to another individual which is a relationship described

in Section 529 of the Internal Revenue Code;

10. "Nonqualified withdrawal" means a withdrawal from an

account other than one of the following:

a. a qualified withdrawal,

b. a withdrawal made as a result of the death or

disability of the designated beneficiary of an

account,

c. withdrawal that is made on the account of a

scholarship or the allowance or payment described in

Section 529 of the Internal Revenue Code, received by

the designated beneficiary to the extent the amount of

the refund does not exceed the amount of the

scholarship, allowance, or payment, or

d. a rollover or change of designated beneficiary as

permitted by subsection F of Section 3970.7 of this

title;

11. "Program" means the Oklahoma College Savings Plan

established under this act;

12. "Qualified higher education expenses" means expenses that

meet the definition of qualified higher education expenses under

Section 529 of the Internal Revenue Code; and

13. "Qualified withdrawal" means a withdrawal from an account

to pay the qualified higher education expenses of the designated

beneficiary of the account, but only if the withdrawal is made in

accordance with this act.