Title 38

Once the account owner has saved for a minimum of six months, has reached his or her savings goal, and has fulfilled all financial literacy education components in accordance with federal guidelines, the appropriate matching funds shall be transferred from the parallel account di…

(a) If an emergency occurs, an account owner may withdraw all or part of the account owner’s deposits to an individual development account with the approval of the fiduciary organization. (b) The account owner shall reimburse his or her individual development account for the amou…

Before becoming eligible to receive matching funds to pay for qualified purposes, individual development account owners shall complete a financial literacy education course offered by a qualified financial institution, a qualified fiduciary organization, an Indian tribe, or a gov…

(a) Deposits to individual development accounts made by the account owner shall come from earned income, including, but not limited to, wages, earned income tax credit returns, child support payments, supplemental security income (SSI), disability benefits, community service unde…

Money deposited into individual development accounts shall not be included in gross income for income tax purposes. Any amount withdrawn from a parallel account, matching funds, may not be includable in an eligible individual’s gross income. Money withdrawn from an individual dev…

The department shall select fiduciary organizations through competitive processes. In making the selections, the department may consider factors including, but not limited to, the following: (1) The ability of the fiduciary organization to implement and administer the individual …

(a) Subject to rules promulgated by the department, a fiduciary organization has sole authority over, and responsibility for, the administration of individual development accounts. The responsibility of the fiduciary organization extends to all aspects of the account program, inc…