Section 38-14-5 – Financial Literacy Education.
Section 38-14-5 Financial literacy education. Before becoming eligible to receive matching funds to pay for qualified purposes, individual development account owners shall complete a financial literacy education course offered by a qualified financial institution, a qualified fiduciary organization, an Indian tribe, or a governmental entity in accordance with federal guidelines. (Act 2011-641, p. 1626, §5.)
Section 38-14-6 – Source of Deposits; Limitations on Deposits.
Section 38-14-6 Source of deposits; limitations on deposits. (a) Deposits to individual development accounts made by the account owner shall come from earned income, including, but not limited to, wages, earned income tax credit returns, child support payments, supplemental security income (SSI), disability benefits, community service under TANF, AmeriCorps stipends, VISTA stipends, and job training […]
Section 38-14-7 – Exclusion From Gross Income.
Section 38-14-7 Exclusion from gross income. Money deposited into individual development accounts shall not be included in gross income for income tax purposes. Any amount withdrawn from a parallel account, matching funds, may not be includable in an eligible individual’s gross income. Money withdrawn from an individual development account shall only be included in gross […]
Section 38-14-8 – Selection of Fiduciary Organizations.
Section 38-14-8 Selection of fiduciary organizations. The department shall select fiduciary organizations through competitive processes. In making the selections, the department may consider factors including, but not limited to, the following: (1) The ability of the fiduciary organization to implement and administer the individual development account program, including the ability to verify account owner eligibility, […]
Section 38-13-5 – Additional Requirements.
Section 38-13-5 Additional requirements. (a) An applicant, licensee, volunteer, or employee, upon request, shall submit the following items: (1) Two functional, acceptable fingerprint cards, bearing the fingerprints of the individual, properly executed by a law enforcement agency or individual properly trained in fingerprinting techniques. (2) Written consent authorizing the release of any criminal history background […]
Section 38-14-9 – Administration of Accounts.
Section 38-14-9 Administration of accounts. (a) Subject to rules promulgated by the department, a fiduciary organization has sole authority over, and responsibility for, the administration of individual development accounts. The responsibility of the fiduciary organization extends to all aspects of the account program, including marketing to all eligible individuals and families, soliciting matching funds, counseling […]
Section 38-13-6 – Fees.
Section 38-13-6 Fees. (a) A nonrefundable fee to be paid for the criminal history background information check shall conform to the guidelines promulgated pursuant to 42 U.S.C. § 5119, the National Child Protection Act of 1993, and state law. (b) The Department of Public Safety may charge a fee in the amount prescribed in Section […]
Section 38-14-10 – Eligibility for Means-Tested Public Benefits.
Section 38-14-10 Eligibility for means-tested public benefits. (a) An account owner’s savings and matching funds shall not affect his or her eligibility for any means-tested public benefits, including, but not limited to, Medicaid, state children’s health insurance programs, TANF, Supplemental Nutrition Assistance Program, supplemental security income, or government-subsidized foster care and adoption payments, and child […]
Section 38-12-4 – Individualized Service Plan.
Section 38-12-4 Individualized service plan. (a) The department shall determine whether the person is able to care effectively for the foster child by the following methods: (1) Reviewing personal and professional references. (2) Observing during a home visit of the kinship foster parent with household members. (3) Interviewing the kinship foster parent. (b) The department […]
Section 38-12B-1 – Short Title.
Section 38-12B-1 Short title. This chapter shall be known and may be cited as the Fostering Hope Scholarship Act of 2015. (Act 2015-121, §1.)