§ 27-7-1101. Definitions

As used in this article, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise: ” Account holder” means an individual who establishes, individually or jointly with one or more other individuals, an account with a financial institution for which the account holder claims a first-time home buyer savings account […]

§ 27-7-1103. Duties of account holders; contribution to first-time home buyer savings accounts excluded from gross income; limitations on amount of contributions; penalty for withdrawal of monies for purpose other than payment of eligible costs; financial institution obligations regarding accounts

An account holder shall be responsible for the use or application of monies or funds in an account for which the account holder claims first-time home buyer savings account status. An account holder shall: Not use monies or funds held in an account to pay expenses of administering the account, except that a service fee […]