Kansas § 58-4906 Actions that are not a requirement of nor the responsibility or liability of financial institutions; determining a payable on death beneficiary

Kansas Statutes

§ 58-4906 — Actions that are not a requirement of nor the responsibility or liability of financial institutions; determining a payable on death beneficiary

Kansas·Ch. 58 PERSONAL AND REAL PROPERTY·Art. 49 FIRST-TIME HOME BUYER SAVINGS ACCOUNT ACT

(a)No financial institution shall be required to:

(1)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;

(2)track the use of moneys withdrawn from an account; or

(3)report any information to the department of revenue or any other governmental agency that is not otherwise required by law.

(b)No financial institution shall be responsible or liable for:

(1)Determining or ensuring that an account holder is eligible for a Kansas adjusted gross income modification pursuant to K.S.A. 79-32,117, and amendments thereto;

(2)determining or ensuring that moneys in the account are used for eligible expenses; or

(3)reporting or remitting taxes or penalties rel

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(a) No financial institution shall be required to:
(1) 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;
(2) track the use of moneys withdrawn from an account; or
(3) report any information to the department of revenue or any other governmental agency that is not otherwise required by law.
(b) No financial institution shall be responsible or liable for:
(1) Determining or ensuring that an account holder is eligible for a Kansas adjusted gross income modification pursuant to K.S.A. 79-32,117, and amendments thereto;
(2) determining or ensuring that moneys in the account are used for eligible expenses; or
(3) reporting or remitting taxes or penalties related to the use of account moneys.
(c) A financial institution may rely on such financial institution's account records for determining a payable on death beneficiary for a first-time home buyer savings account. If the payable on death beneficiary in a financial institution's account records conflicts with the designated beneficiary on any form required by the secretary under the first-time home buyer savings account act, the payable on death beneficiary in such financial institution's account records shall control.

Kansas § 58-4906 (Actions that are not a requirement of nor the responsibility or liability of financial institutions; determining a payable on death beneficiary) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.