§ 13-55e-1

13-55E-1. Definition of terms.Terms used in this chapter mean:(1)'Advance payment contract,' a contract entered into by the executive director and a purchaser pursuant to this chapter to provide for the higher education of a beneficiary;(2)'Beneficiary,' the person designated within the advance payment contract to receive tuition, room and board, or tuition only at a state-supported institution of higher education;(3)'Executive director,' the executive director of the Board of Regents;(4)'Institution of higher education,' any state-supported university;(5)'Purchaser,' any person obligated to make an advance payment of tuition, room and board, or tuition only costs on behalf of a beneficiary pursuant to an advance payment contract;(6)'Room and board costs,' the amount assessed for lodging and regularly scheduled meals provided to students pursuant to a contract for room and board with an institution of higher education;(7)'Tuition costs,' the amount assessed for full-time enrollment at an institution of higher education including mandatory fees imposed upon all full-time students as a condition of enrollment. Source: SL 1994, ch 145, §1.