As used in this article, the term:

(1) "Account contributor" means a resident or nonresident person, corporation, trust, charitable organization, or other entity which contributes to or invests money in a savings trust account under the program on behalf of a beneficiary. For resident or nonresident persons, the account contributor may also be the designated beneficiary of the account.

(2) "Beneficiary" means a resident or nonresident beneficiary of a savings trust agreement who meets the requirements of Section 529 of the Internal Revenue Code of 1986 or other applicable federal law and any regulations established by the board.

(3) "Board" means the Board of Directors of the Georgia Higher Education Savings Plan.

(4) "Director" means the director of the Office of Treasury and Fiscal Services.

(5) "Financial organization" means an organization which is:

(A) A fiduciary authorized to act as a trustee pursuant to the provisions of the federal Employee Retirement Income Security Act of 1974, as amended, or an insurance company or affiliate; and

(B)(i) Licensed or chartered by the Insurance Department;

(ii) Licensed or chartered by the Department of Banking and Finance;

(iii) Chartered by an agency of the federal government;

(iv) Subject to the jurisdiction and regulation of the federal Securities and Exchange Commission;

(v) Is any other entity otherwise authorized to act in this state as a trustee pursuant to the provisions of the federal Employee Retirement Income Security Act of 1974, as amended; or

(vi) Any investment adviser registered with the United States Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940.

(6) "Institution of higher education" means an eligible educational institution as defined in Section 529 of the Internal Revenue Code of 1986 or other applicable federal law.

(7) "Internal Revenue Code" or "Internal Revenue Code of 1986" has the meaning provided by Code Section 48-1-2.

(8) "Plan" means the Georgia Higher Education Savings Plan established under this article.

(9) "Program" means the program of savings trust agreements and savings trust accounts provided by the plan. (10) "Qualified higher education expense" means any higher education expense as defined in Section 529 of the Internal Revenue Code of 1986 or other applicable federal law.

(11) "Qualified withdrawal" means a withdrawal by an account contributor or beneficiary for qualified higher education expenses or as otherwise permitted under Section 529 of the Internal Revenue Code of 1986 without a penalty required under the Internal Revenue Code.

(12) "Savings trust account" means an account established by an account contributor pursuant to this article on behalf of a beneficiary in order to apply distributions from the account toward qualified higher education expenses at eligible educational institutions as defined in Section 529 of the Internal Revenue Code of 1986 or other applicable federal law.

(13) "Savings trust agreement" means the agreement entered into between the board and the account contributor establishing a savings trust account.

(14) "Trust fund" means the Georgia Higher Education Savings Plan Trust Fund.