§ 4-4-28-7 — Establishing account; beneficiaries; residency

(a) A qualifying individual, including an
individual who:
(1) established an individual development account under this
chapter before July 1, 2001; and
(2) held the account described in subdivision (1) for less than four
(4) years;
may establish an account by applying at a community development
corporation or community based organization after June 30, 2001.
(b) At the time of establishing an account under this section, the
qualifying individual must name a beneficiary to replace the qualifying
individual as the holder of the account if the qualifying individual dies.
If the beneficiary:
(1) is a member of the qualifying individual's family, all funds in
the account remain in the account; and
(2) is not a member of the qualifying individual's family, all funds
in the account provided by the state revert to the state.
The qualifying individual may change the name of the beneficiary at
the qualifying individual's discretion. A beneficiary who becomes the
holder of an account under this subsection is subject to this chapter and
rules adopted under this chapter regarding withdrawals from the
account.
(c) Only one (1) member of a qualifying individual's household may
establish an account.
(d) A qualifying individual shall maintain residency in Indiana until
the individual development account is closed.

Legislative History

As added by P.L.15-1997, SEC.1. Amended by P.L.289-2001, SEC.6; P.L.50-2016, SEC.4; P.L.124-2024, SEC.4.