Iowa § 541A.5 Rules

Iowa Statutes

§ 541A.5 — Rules

Iowa § 541A.5

Title XIIICOMMERCE

Ch. 541AINDIVIDUAL DEVELOPMENT ACCOUNTS

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Bluebook

Iowa Code § 541A.5 (2026).

Text

1.The department, in consultation with the department of administrative services, shall adopt administrative rules to administer this chapter.

2.

a.The rules adopted by the department shall include but are not limited to provision for transfer of an individual development account to a different financial institution than originally approved by the department, if the different financial institution has an agreement with the account’s operating organization. §541A.5, INDIVIDUAL DEVELOPMENT ACCOUNTS 4

b.The rules for determining household income may provide categorical eligibility for prospective account holders who are enrolled in programs with income eligibility restrictions that are equal to or less than the maximum household income allowed for payment of a state match under section 541

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1. The department, in consultation with the department of administrative services, shall
adopt administrative rules to administer this chapter.
2. a. The rules adopted by the department shall include but are not limited to provision
for transfer of an individual development account to a different financial institution than
originally approved by the department, if the different financial institution has an agreement
with the account’s operating organization.
§541A.5, INDIVIDUAL DEVELOPMENT ACCOUNTS 4
b. The rules for determining household income may provide categorical eligibility for
prospective account holders who are enrolled in programs with income eligibility restrictions
that are equal to or less than the maximum household income allowed for payment of a state
match under section 541A.3.
c. Subject to the availability of funding, the department may adopt rules implementing
an individual development account program for refugees. Rules shall identify purposes
authorized for withdrawals to meet the special needs of refugee families.
3. The department shall utilize a request for proposals process for selection of operating
organizations and approval of financial institutions.