Iowa § 541B.5 Financial institution protections

Iowa Statutes

§ 541B.5 — Financial institution protections

Iowa § 541B.5

Title XIIICOMMERCE

Ch. 541BIOWA FIRST-TIME HOMEBUYER SAVINGS ACCOUNT ACT

This text of Iowa § 541B.5 (Financial institution protections) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 541B.5 (2026).

Text

Nothing in this chapter shall be construed to require a financial institution to do any of the following, or to be responsible or liable for any of the following:

1.Designate or label within the financial institution’s account contracts, systems, or in any other manner, an account as a first-time homebuyer savings account.

2.Ascertain or verify the purpose of a withdrawal of funds from a first-time homebuyer savings account, or track the destination or use of the withdrawn funds.

3.Allocate funds in a first-time homebuyer savings account to a designated beneficiary or among joint account holders.

4.Report any information to the department or any other governmental agency.

5.Determine or ensure that an account satisfies the requirements to be a first-time homebuyer savings account.

6.

Free access — add to your briefcase to read the full text and ask questions with AI

Nothing in this chapter shall be construed to require a financial institution to do any of the
following, or to be responsible or liable for any of the following:
1. Designate or label within the financial institution’s account contracts, systems, or in
any other manner, an account as a first-time homebuyer savings account.
2. Ascertain or verify the purpose of a withdrawal of funds from a first-time homebuyer
savings account, or track the destination or use of the withdrawn funds.
3. Allocate funds in a first-time homebuyer savings account to a designated beneficiary or
among joint account holders.
4. Report any information to the department or any other governmental agency.
5. Determine or ensure that an account satisfies the requirements to be a first-time
homebuyer savings account.
6. Determine or ensure that funds withdrawn from a first-time homebuyer savings
account are used for the payment or reimbursement of a designated beneficiary’s eligible
home costs in connection with a qualified home purchase.
7. Report or remit taxes or penalties related to the ownership or use of a first-time
homebuyer savings account.
8. Include the name of a beneficiary in the title of a first-time homebuyer savings account,
or document the change of any beneficiary to a first-time homebuyer savings account.