An individual development account may be established for an eligible individual as part of an individual development account program if the written instrument creating the account sets forth the following:
A. the account owner is an eligible individual according to program requirements at the time the account is established;
B. the individual development account is established and maintained in an authorized financial institution;
C. deposits to an individual development account shall be made in accordance with the rules adopted pursuant to the Individual Development Account Act;
D. withdrawals from an individual development account shall only be made in accordance with the Individual Development Account Act for allowable uses;
E. the matching amount that will be deposited in the reserve account for each dollar deposited by the account owner in the individual development account; and
F. the financial institution in which an individual development account is held shall not be liable for withdrawals made for uses other than allowable uses.
History: Laws 2003, ch. 362, § 3; 2006, ch. 96, § 3; 2007, ch. 349, § 3; 2019, ch. 225, § 4.
ANNOTATIONSThe 2019 amendment, effective January 1, 2020, provided that withdrawals from an individual development account shall only be made in accordance with the Individual Development Account Act for allowable uses; and in Subsection D, after "Act", deleted "and rules adopted pursuant to that act" and added "for allowable uses".
The 2007 amendment, effective July 1, 2007, changes the title of the act and changes "family opportunity account" to "individual development account".
The 2006 amendment, effective July 1, 2006, in Subsection A: changes "individual development account" to "family opportunity account"; changes "Individual Development Account Act" to "Family Opportunity Accounts Act" in Paragraph (3); in Paragraph (4), deletes the former provision restricting withdrawals for allowable uses and adds the provision that withdrawals shall only be made in accordance with the act; adds Paragraph (5) to provide for matching funds in the reserve account; and adds Subsection B to provide that a family opportunity account shall be an individual development account.