§ 4-4-28-8 — Duties of community development corporation or community based organization

(a) A community development corporation or
community based organization shall do the following:
(1) Determine whether an individual who wants to establish an
account is a qualifying individual.
(2) Administer, through a financial institution, and act as trustee
for each account established through the community development
corporation or community based organization.
(3) Approve or deny an individual's request to make a withdrawal
from the individual's account.
(4) Provide or arrange for training in money management,
budgeting, and related topics for each individual who establishes
an account.
(b) A community development corporation or community based
organization may approve a qualifying individual's request to make a
withdrawal from an account to purchase a motor vehicle if the purpose
of the purchase is primarily to transport the individual to and from
work, postsecondary education, or an accredited or licensed training
program intended to lead to employment of the individual or a
dependent of the individual.

Legislative History

As added by P.L.15-1997, SEC.1. Amended by P.L.50-2016, SEC.5; P.L.124-2024, SEC.5.