Sec. 8. (a) A community development corporation shall do the following:
(1) Determine whether an individual who wants to establish an account is a qualifying individual.
(2) Administer, through a financial institution, and act as trustee for each account established through the community development corporation.
(3) Approve or deny an individual's request to make a withdrawal from the individual's account.
(4) Provide or arrange for training in money management, budgeting, and related topics for each individual who establishes an account.
(b) A community development corporation may approve a qualifying individual's request to make a withdrawal from an account to purchase a motor vehicle if the purpose of the purchase is primarily to transport the individual to and from work, postsecondary education, or an accredited or licensed training program intended to lead to employment of the individual or a dependent of the individual.
As added by P.L.15-1997, SEC.1. Amended by P.L.50-2016, SEC.5.