Kansas § 74-50,205 Same; establishment of account by financial institution; duties; deposits, limitations

Kansas Statutes

§ 74-50,205 — Same; establishment of account by financial institution; duties; deposits, limitations

Kansas § 74-50,205

Ch. 74STATE BOARDS, COMMISSIONS AND AUTHORITIES

Art. 50DEPARTMENT OF COMMERCE

This text of Kansas § 74-50,205 (Same; establishment of account by financial institution; duties; deposits, limitations) is published on Counsel Stack Legal Research, covering Kansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Kan. Stat. Ann. § 74-50,205 (2026).

Text

(a)Financial institutions seeking to open and maintain individual development accounts approved by the secretary for account holders shall be permitted to establish individual development accounts pursuant to K.S.A. 74-50,201 through 74-50,208, and amendments thereto.

(b)A financial institution establishing an individual development account shall:

(1)Keep the account in the name of the account holder;

(2)permit deposits to be made in the account by the following, subject to the indicated conditions:

(A)The account holder; or

(B)a community-based organization on behalf of the account holder. Such a deposit may include moneys to match the account holder's deposits, up to a three-to-one match ratio;

(3)require the account to earn at least the market rate of interest; and

(4)permit the

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(a) Financial institutions seeking to open and maintain individual development accounts approved by the secretary for account holders shall be permitted to establish individual development accounts pursuant to K.S.A. 74-50,201 through 74-50,208, and amendments thereto.
(b) A financial institution establishing an individual development account shall:
(1) Keep the account in the name of the account holder;
(2) permit deposits to be made in the account by the following, subject to the indicated conditions:
(A) The account holder; or
(B) a community-based organization on behalf of the account holder. Such a deposit may include moneys to match the account holder's deposits, up to a three-to-one match ratio;
(3) require the account to earn at least the market rate of interest; and
(4) permit the account holder to withdraw moneys upon approval of a community-based organization from the account for any of the purposes listed in subsections (a) through (e) of K.S.A. 74-50,204, and amendments thereto.
(c) The total of all deposits by the account holder into an individual development account in a calendar year shall not exceed 30% of an account holder's annual personal income not to exceed $4,000, except when necessary to comply with the emergency withdrawal provisions contained in K.S.A. 74-50,206, and amendments thereto. The total balance in an individual development account at any time shall not exceed $50,000.