Sec. 10609. Deposits by qualified entities
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Section 410 is amended— in subsection (a)(2), by inserting 2 times after an amount equal to ; in subsection (b), by striking $2,000 and inserting $5,000 ; in subsection (c), by striking $4,000 and inserting $10,000 ; in subsection (d)— by striking The Secretary shall and inserting the following: The Secretary shall ; in paragraph (1), as amended by subparagraph (A), by adding at the end the following: The Secretary may waive the application of the preceding sentence in the case of an individual who has participated in another demonstration project under this title (including successful completion after transferring from one project to another project as described in section 408(c)(2)) or an asset-building project similar to the demonstration projects conducted under this title. ; and by adding at the end the following new paragraph:
The Secretary shall ensure that an eligible individual is able to withdraw funds from an individual development account of the individual during the 1-year period following the end of the demonstration project with respect to which deposits were made into such account (whether such project ends by reason of expiration of the authority under section 406(a) of the qualified entity to conduct the demonstration project, termination of such authority under section 413 without transfer to another qualified entity, or otherwise).
During the period described in subparagraph (A), an eligible individual may only make a withdrawal if the withdrawal is approved in writing— by a responsible official of the qualified entity; or by the Secretary, if the Secretary terminated the authority of the qualified entity to conduct the demonstration project under section 413 or the Secretary determines that the qualified entity is otherwise unable or unwilling to participate in the approval process. ; and by adding at the end the following new subsection:
If funds remain in an individual development account after the end of the 1-year period described in subsection (d)(2)(A), such funds shall be disposed of as considered appropriate by the Secretary or a nonprofit entity (as such term is used in section 404(7)(A)(i)) designated by the Secretary. .