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(a)
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(1) Total contributions to all accounts established on behalf of a particular designated beneficiary in excess of those reasonably necessary to meet the designated beneficiary’s qualified higher education expenses are prohibited.
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(2) An employer matching contribution to the account of an employee with an account established under this chapter shall not exceed five hundred dollars ($500) per contributing employee per year.
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(b)
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(1) No account or any legal or beneficial interest in an account shall be assignable or pledged or otherwise used to secure or obtain a loan or other advancement.
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(2) An account or any legal or beneficial interest in an account shall not be subject to attachment, levy, or execution by any creditor of an account owner or designated beneficiary.
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