541A.1 Definitions. For the purposes of this chapter, unless the context otherwise requires: 1. “Account holder” means an individual who is the owner of an individual development account. 2. “Administrator” means the division of community action agencies of the department of human rights. 3. “Charitable contributor” means a nonprofit association described in section 501(c)(3) of […]
541A.2 Individual development accounts. A financial instrument known as an individual development account is established. An individual development account shall have all of the following characteristics: 1. a. To be eligible to open an account, a prospective account holder must have a household income that is equal to or less than two hundred percent of […]
541A.3 Individual development accounts — state savings match and tax provisions. All of the following state savings match and tax provisions shall apply to an individual development account: 1. a. Payment by the state of a state savings match on amounts of up to two thousand dollars that an account holder deposits in the account […]
541A.4 Individual development account — pilot phase. Repealed by 2006 Acts, ch 1016, §7, 8 .
541A.5 Rules. 1. The commission on community action agencies created in section 216A.92A, in consultation with the department of administrative services, shall adopt administrative rules to administer this chapter. 2. a. The rules adopted by the commission shall include but are not limited to provision for transfer of an individual development account to a different […]
541A.6 Compliance with federal requirements. The commission on community action agencies shall adopt rules for compliance with federal individual development account requirements under the federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996, §103, as codified in 42 U.S.C. §604(h), under the federal Assets for Independence Act, Pub. L. No. 105-285, Tit. IV, or […]
541A.7 Individual development account state match fund. 1. An individual development account state match fund is created in the state treasury under the authority of the administrator. Notwithstanding section 8.33, moneys appropriated to the fund shall not revert to any other fund. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys deposited in the […]
