[257-6] Financial institutions. (a) Financial institutions shall be permitted to establish individual development accounts pursuant to this chapter. The financial institution shall certify to the fiduciary organization, on forms prescribed by same and accompanied by any documentation required by it, that such accounts have been established pursuant to all the provisions of this chapter and that deposits have been made on behalf of the account holder.

(b) A financial institution establishing an individual development account shall:

(1) Keep the account in the name of the account holder;

(2) Permit deposits to be made in the account by the following, subject to the indicated conditions:

(A) The account holder; or

(B) A contribution made on behalf of the account holder. Such deposits may include moneys to match the account holder's deposits. [L 1999, c 160, pt of 25]

 

 

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