§ 191.1607 — Financial institutions, requirements — no responsibility or liability, when.

Missouri § 191.1607

• Jurisdiction: Missouri
• Title XII: PUBLIC HEALTH AND WELFARE
• Ch. 191: Health and Welfare

Text

1.  No financial institution shall be required to:

(1)  Designate an account as a long-term dignity 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(2)  Track the use of moneys withdrawn from a long-term dignity savings account; or

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

2.  No financial institution shall be responsible or liable for:

(1)  Determining or ensuring that an account holder is eligible for a tax deduction under section 143.1160 ;

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

(3)  Reporting or remitting taxes or penalties related to use of moneys in a long-term dignity savings account.

3.  In implementing sections 143.1160 and 191.1601 to 191.1607 , the department shall not establish any administrative, reporting, or other requirements on financial institutions that are outside the scope of normal account procedures.

Legislative History

(L. 2020 H.B. 1682)