Same; establishment of account by financial institution; duties; deposits, limitations

74-50,205. Same; establishment of account by financial institution; duties; deposits, limitations. (a) Financial institutions seeking to open and maintain individual development accounts approved by the secretary for account holders shall be permitted to establish individual development accounts pursuant to K.S.A. 74-50,201 through 74-50,208, and amendments thereto. (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 community-based organization on behalf of the account holder. Such a deposit may include moneys to match the account holder's deposits, up to a three-to-one match ratio; (3) require the account to earn at least the market rate of interest; and (4) permit the account holder to withdraw moneys upon approval of a community-based organization from the account for any of the purposes listed in subsections (a) through (e) of K.S.A. 74-50,204, and amendments thereto. (c) The total of all deposits by the account holder into an individual development account in a calendar year shall not exceed 30% of an account holder's annual personal income not to exceed $4,000, except when necessary to comply with the emergency withdrawal provisions contained in K.S.A. 74-50,206, and amendments thereto. The total balance in an individual development account at any time shall not exceed $50,000. History: L. 2005, ch. 104, § 5; April 21. Previous | Next LEGISLATIVE COORDINATING COUNCIL General Policies 2026 Archived LCC Documents Archived LCC Meetings REVISOR OF STATUTES Archived Session Documents Archived School Finance Documents USEFUL LINKS Session Laws Kansas Administrative Regulations OTHER LEGISLATIVE SITES Kansas Legislature Administrative Services Division of Post Audit Research Department Contact Us PDF Help www.ksrevisor.gov 2026