(a) An account is not subject to attachment, levy or execution by any creditor of a contributor, account owner or designated beneficiary and may not be used as security for loan.
(b) Amounts contributed to an account, increases in the value of the account and qualified withdrawals from the account shall not be considered when determining eligibility or benefit levels for housing assistance programs, including the Housing Choice Voucher program (Section 8) and programs administered by the Federal Housing Administration and the Department of Housing and Urban Development, nutrition programs such as the Supplemental Nutrition Assistance Program (SNAP) and the Special Supplemental Nutrition Program for Women, Infants and Children (WIC), financial assistance programs, including Temporary Assistance for Needy Families (TANF); energy and utility assistance programs, including the Low Income Energy Assistance Program (LIHEAP), Vocational Rehabilitation Services, medical assistance such as Medicaid, or other means tested benefits conferred by the Government of the Virgin Islands.
(c) Amounts contributed to an account and increases in the value of the account may not be used in calculating personal asset contributions for determining eligibility or need to qualify for federal student aid, student loan programs, student grant programs, or other student aid programs administered by a territorial agency, except as otherwise may be provided by federal law.
(d) A person or entity may make contributions to an ABLE account on behalf of a beneficiary. Contributions to an account made by persons or entities other than the designated beneficiary become the property of the designated beneficiary. Contributions to an account shall be considered as a transfer of assets for fair market value. A person or entity does not acquire an interest in an ABLE account by making contributions to an account. A contribution to any account for a beneficiary must be rejected if the contribution would cause either the aggregate balance of the account to exceed five hundred and fifty thousand dollars ($550,000).
(e) Unless prohibited by federal law, upon the death of a designated beneficiary, proceeds from an account may be transferred to the estate of a designated beneficiary, or to an account for another eligible individual specified by the designated beneficiary or the estate of the designated beneficiary. An agency or instrumentality of the Government of the Virgin Islands may not seek payment under section 529A(f) of the Internal Revenue Code from the account or its proceeds for benefits provided to a designated beneficiary.