§10981. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2019, c. 239, §4 (NEW).] 1. Account holder. “Account holder” means an eligible person who owns a family development account. [PL 2019, c. 239, §4 (NEW).] 2. Community development organization. “Community development organization” […]
§10982. Family development account program The university shall administer the family development account program to allow eligible persons to establish savings accounts to be used for education, job training, purchase or repair of a home, purchase or repair of a vehicle for access to work or education, capitalization of a small business, health care costs […]
§10983. Withdrawal of funds 1. Use of funds. An account holder may withdraw funds from the account with the approval of the community development organization administrator without penalty for the following expenditures: A. Expenses for education or job training or to attend an accredited or approved postsecondary education or training institution; [PL 2019, […]
§10984. No reduction in benefits Notwithstanding any other rule or provision of state law, the first $10,000 of funds and any accrued interest in an account under this chapter are excluded from consideration in determining eligibility or benefit levels for any assistance or benefit granted under state law. [PL 2019, c. 239, §4 (NEW).] […]
§10985. Advisory committee The Advisory Committee on Family Development Accounts, established in Title 5, section 12004‑I, subsection 18‑F, is referred to in this section as “the committee.” [PL 2019, c. 239, §4 (NEW).] 1. Committee membership. The committee consists of 10 members as follows: A. Four members appointed by the Governor, including one […]
§10986. Support of advisory committee The university shall provide support to the Advisory Committee on Family Development Accounts under section 10985, certify participating financial institutions and review proposals from community development organizations seeking to manage family development accounts. [PL 2019, c. 239, §4 (NEW).] SECTION HISTORY PL 2019, c. 239, §4 (NEW).
