Indiana Code 4-4-28-7. Establishing account; beneficiaries; residency
(1) established an individual development account under this chapter before July 1, 2001; and
Terms Used In Indiana Code 4-4-28-7
- account: refers to an individual development account. See Indiana Code 4-4-28-1
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- community based organization: means a private, nonprofit corporation whose board of directors is comprised of business, civic, and community leaders, and whose principal purpose includes the provision of low income housing. See Indiana Code 4-4-28-1.7
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- individual development account: means an account in a financial institution administered by a community development corporation or community based organization that allows a qualifying individual to deposit money:
Indiana Code 4-4-28-5
- qualifying individual: means an individual or a member of an individual's household who may establish an individual development account because the individual:
Indiana Code 4-4-28-6
may establish an account by applying at a community development corporation or community based organization after June 30, 2001.
(b) At the time of establishing an account under this section, the qualifying individual must name a beneficiary to replace the qualifying individual as the holder of the account if the qualifying individual dies. If the beneficiary:
(1) is a member of the qualifying individual’s family, all funds in the account remain in the account; and
(2) is not a member of the qualifying individual’s family, all funds in the account provided by the state revert to the state.
The qualifying individual may change the name of the beneficiary at the qualifying individual’s discretion. A beneficiary who becomes the holder of an account under this subsection is subject to this chapter and rules adopted under this chapter regarding withdrawals from the account.
(c) Only one (1) member of a qualifying individual’s household may establish an account.
(d) A qualifying individual shall maintain residency in Indiana until the individual development account is closed.
As added by P.L.15-1997, SEC.1. Amended by P.L.289-2001, SEC.6; P.L.50-2016, SEC.4; P.L.124-2024, SEC.4.