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Home » US Law » 2022 West Virginia Code » Chapter 16. Public Health » Article 48. West Virginia Able Act

§16-48-1. Short Title

This article shall be known and may be cited as the "Achieving a Better Life Experience in West Virginia Act" or the "West Virginia ABLE Act".

§16-48-2. Purpose

The purpose of the West Virginia ABLE Act savings program is to authorize the establishment of savings accounts empowering individuals with a disability and their families to save private funds to support the individual with a disability and to provide guidelines for the maintenance of such accounts.

§16-48-3. Definitions

(a) “ABLE Act” means the federal legislation codified in Section 529A of the Internal Revenue Code of 1986, 26 U.S.C. 529A, and related treasury regulations, as amended from time to time. Any references in this article to Section 529A include related treasury regulations. (b) “Account” or “ABLE savings account” means an individual savings account established […]

§16-48-5. Use of Financial Organizations as Program Depositories and Managers

(a) The Treasurer may implement the program through use of financial organizations as account depositories and managers. The Treasurer may solicit proposals from financial organizations to act as depositories and managers of the program. Financial organizations submitting proposals shall describe the investment instruments which will be held in accounts. The Treasurer may select more than […]

§16-48-7. Limitation on Liability

(a) Nothing in this act creates any obligation of the Treasurer, 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;