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.
The 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".
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