§ 20-86-112. Implementation
The Division of Workforce Services shall be responsible for implementation of this subchapter and shall promulgate rules as necessary in accordance with the provisions of this subchapter.
§ 20-86-113. Reports — Recommendations
(a) The Division of Workforce Services shall prepare a written report annually regarding the implementation of this act and shall make recommendations for improving the program. (b) The report shall be transmitted to the General Assembly on or before August 1 of each year.
§ 20-86-101. Title
This act shall be known and may be cited as the “Family Savings Initiative Act”.
§ 20-86-102. Declaration
The General Assembly hereby finds that: (1) Americans of most economic classes are having increasing difficulty climbing the economic ladder. Fully half of all Americans have negligible or no investable assets just as the price of entry to the economic mainstream such as the cost of a house, starting a business, obtaining an adequate education, […]
§ 20-86-103. Purpose
The purpose of this act is to provide for the establishment of individual development accounts designed to: (1) Provide individuals and families with limited means an opportunity to accumulate assets; (2) Facilitate and mobilize savings; (3) Promote home ownership, microenterprise development, education, saving for retirement, and automobile purchase; and (4) Stabilize families and build communities.
§ 20-86-104. Definitions
As used in this subchapter: (1) (A) “Administrative costs” includes, but is not limited to, soliciting matching funds, processing fees charged by the fiduciary organization or financial institution, and traditional overhead costs. (B) Administrative costs shall be limited to no more than ten percent (10%) of the contract; (2) “Eligible educational institution” means the following: […]
§ 20-86-105. Proposals
(a) (1) The Division of Workforce Services shall enter into contracts with one (1) or more fiduciary organizations pursuant to the provisions of this section in such a manner that different regions of the state are served by one (1) or more fiduciary organizations. (2) (A) An organization based in this state which desires to […]
§ 20-86-106. Individual development account
(a) (1) An individual who is a resident of this state may submit an application to open an individual development account to a fiduciary organization approved by the Division of Workforce Services pursuant to the provisions of § 20-86-105. (2) The fiduciary organization shall approve the application only if: (A) The individual has gross household […]
§ 20-86-107. Individual development account — Purpose
(a) Individual development accounts may be used for any of the following qualified purposes: (1) Qualified acquisition costs with respect to a qualified principal residence for a qualified first-time home buyer or the costs of major repairs or improvements to a qualified principal residence, if paid directly to the persons to whom the amounts are […]
§ 20-86-108. Penalty
(a) (1) If the fiduciary organization receives evidence that moneys withdrawn from individual development accounts are withdrawn under false pretenses or are used for purposes other than for the approved purposes indicated at the time of the withdrawal, the fiduciary organization shall make arrangements with the financial institution to impose a penalty of loss of […]