Indiana Code 4-4-28-8. Duties of community development corporation or community based organization
(1) Determine whether an individual who wants to establish an account is a qualifying individual.
Terms Used In Indiana Code 4-4-28-8
- account: refers to an individual development account. See Indiana Code 4-4-28-1
- 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
- community development corporation: means a private, nonprofit corporation:
Indiana Code 4-4-28-2
- 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.
- Dependent: A person dependent for support upon another.
- financial institution: means a bank, savings association, credit union, or any other institution regulated under IC 28 or federal law. See Indiana Code 4-4-28-3
- motor vehicle: has the meaning set forth in IC 9-13-2-105(a). See Indiana Code 4-4-28-5.5
- 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
- Trustee: A person or institution holding and administering property in trust.
(3) Approve or deny an individual’s request to make a withdrawal from the individual’s account.
(4) Provide or arrange for training in money management, budgeting, and related topics for each individual who establishes an account.
(b) A community development corporation or community based organization may approve a qualifying individual’s request to make a withdrawal from an account to purchase a motor vehicle if the purpose of the purchase is primarily to transport the individual to and from work, postsecondary education, or an accredited or licensed training program intended to lead to employment of the individual or a dependent of the individual.
As added by P.L.15-1997, SEC.1. Amended by P.L.50-2016, SEC.5; P.L.124-2024, SEC.5.