74-50,205.
234 words·~1 min read·
/ks/chapter-74/74-50-90A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
74-50,205. Same; establishment of account by financial institution; duties; deposits, limitations.
(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.