§ 39-22-4707 — Financial institutions

(1) A financial institution is not required
to:

(a) Designate an account as a first-time home buyer savings account, or
designate the beneficiaries of an account, in the financial institution's account
contracts or systems or in any other way;

(b) Track the use of money withdrawn from a first-time home buyer savings
account; or

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

(2) A financial institution is not responsible or liable for:

(a) Determining or ensuring that an account holder is eligible for a
subtraction under section 39-22-104 (4)(w)(I);

(b) Determining or ensuring that money in the account is used for an eligible
expense; or

(c) Reporting or remitting taxes or penalties related to use of money in a
first-time home buyer savings account.

(3) In implementing this part 47 and section 39-22-104 (3)(k) and (4)(w), the
department shall not establish any administrative, reporting, or other requirements
on financial institutions that are outside the scope of normal account procedures.

Legislative History

Source: L. 2016: Entire part added, (HB 16-1467), ch. 321, p. 1305, � 2, effective August 10.