Section 443.1001 – Citation of law.
Effective – 28 Aug 2018 443.1001. Citation of law. — Sections 443.1001 to 443.1007 shall be known and may be cited as the “First-Time Home Buyer Savings Account Act”. ——– (L. 2018 H.B. 1796)
Section 443.1003 – Definitions.
Effective – 28 Aug 2018 443.1003. Definitions. — As used in sections 443.1001 to 443.1007, the following terms mean: (1) “Account holder”, an individual who establishes an account with a financial institution that is designated as a first-time home buyer savings account in accordance with section 443.1004; (2) “Department”, the department of revenue; (3) “Eligible […]
Section 443.1004 – Designation of first-time home buyer savings account, use of — qualified beneficiary — limitations on accounts — service fee.
Effective – 28 Aug 2018 443.1004. Designation of first-time home buyer savings account, use of — qualified beneficiary — limitations on accounts — service fee. — 1. Beginning January 1, 2019, any individual may open an account with a financial institution and designate the account, in its entirety, as a first-time home buyer savings account […]
Section 443.1005 – Use of account moneys — withdrawals, subject to recapture, when, penalties — death of account holder, effect of.
Effective – 28 Aug 2018 443.1005. Use of account moneys — withdrawals, subject to recapture, when, penalties — death of account holder, effect of. — 1. (1) For purposes of the tax benefit conferred under the first-time home buyer savings account act, the moneys in a first-time home buyer savings account may be: (a) Used […]
Section 443.1006 – Annual reporting, forms — rulemaking authority.
Effective – 28 Aug 2018 443.1006. Annual reporting, forms — rulemaking authority. — 1. The department shall establish forms for an account holder to annually report information about a first-time home buyer savings account including, but not limited to, how the moneys withdrawn from the fund are used and shall identify any supporting documentation that […]
Section 443.1007 – Financial institutions, actions not responsible or liable for.
Effective – 28 Aug 2018 443.1007. Financial institutions, actions not responsible or liable for. — 1. No financial institution shall be required to: (1) Designate an account as a first-time home buyer savings account or designate the beneficiaries of an account in the financial institution’s account contracts or systems or in any other way; (2) […]