§256B-1 Definitions. As used in this chapter, unless the context otherwise requires: “Account” or “ABLE savings account” means an individual savings account established in accordance with this chapter. “Account owner” means the person who enters into a savings agreement pursuant to this chapter. “Designated beneficiary” means a resident of the State whose qualified disability expenses […]
§256B-2 Hawaii ABLE savings program; establishment. The director of finance shall establish the Hawaii ABLE savings program to provide for individual savings accounts that empower individuals with a disability and their families to save private funds to support the individual with a disability. [L 2015, c 206, pt of §2]
§256B-3 Functions and powers of the director of finance. (a) The director shall implement and administer the program under the terms and conditions established by this chapter and in conformity with federal law including the Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014, Division B of P.L. 113-295, as it may be […]
§256B-4 Management contract; terms. (a) A management contract shall include, at a minimum, terms requiring the financial organization to: (1) Take any action required to keep the program in compliance with the requirements of this chapter and take any action not contrary to the management contract to qualify as a qualified ABLE program as defined […]
§256B-5 Hawaii ABLE savings accounts; terms and conditions. (a) An ABLE savings account established pursuant to this chapter shall be opened by a designated beneficiary or by a trustee or guardian of a designated beneficiary who lacks capacity to enter into a contract; provided that the designated beneficiary shall be an eligible individual at the […]
§256B-6 Account funds. Moneys in an ABLE savings account: (1) Shall be exempt from attachment, execution, or garnishment as provided by section 651-124; and (2) May be claimed by the medicaid plan subject to limitations imposed by the Secretary. [L 2015, c 206, pt of §2]
§256B-7 Accounts not guaranteed by the State. (a) Nothing in this chapter shall create or be construed to create any obligation of the director, the State, or any agency or instrumentality of the State to guarantee for the benefit of any account owner or designated beneficiary with respect to the: (1) Return of principal; (2) […]
§256B-8 Hawaii ABLE savings program trust fund. (a) There is established the Hawaii ABLE savings program trust fund within the treasury of the State. The fund shall consist of moneys received from an ABLE savings program manager, any governmental or private grants, and any general fund appropriations for the program. (b) The fund shall be […]
