(1) A financial institution is not required to:
Designate an account as a first-time home buyer savings account, or designate thebeneficiaries of an account, in the financial institution's account contracts or systems or in any other way;
Track the use of money withdrawn from a first-time home buyer savings account; or
Report any information to the department or any other governmental agency that isnot otherwise required by law.
(2) A financial institution is not responsible or liable for:
Determining or ensuring that an account holder is eligible for a subtraction undersection 39-22-104 (4)(w)(I);
Determining or ensuring that money in the account is used for an eligible expense; or
Reporting or remitting taxes or penalties related to use of money in a first-time homebuyer savings account.
(3) In implementing this part 47 and section 39-22-104 (3)(k) and (4)(w), the department shall not establish any administrative, reporting, or other requirements on financial institutions that are outside the scope of normal account procedures.
Source: L. 2016: Entire part added, (HB 16-1467), ch. 321, p. 1305, § 2, effective August 10.