1. No financial institution shall be required to:

(1) Designate an account as a long-term dignity savings account or designate the beneficiaries of an account in the financial institution’s account contracts or systems or in any other way;

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(2) Track the use of moneys withdrawn from a long-term dignity savings account; or

(3) Report any information to the department or any other governmental agency that is not otherwise required by law.

2. No financial institution shall be responsible or liable for:

(1) Determining or ensuring that an account holder is eligible for a tax deduction under section 143.1160;

(2) Determining or ensuring that moneys in the account are used for eligible expenses; or

(3) Reporting or remitting taxes or penalties related to use of moneys in a long-term dignity savings account.

3. In implementing sections 143.1160 and 191.1601 to 191.1607, the department shall not establish any administrative, reporting, or other requirements on financial institutions that are outside the scope of normal account procedures.