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

181 words·~1 min read·/mo/chapter-191/191-1607

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

191.1607. Financial institutions, requirements — no responsibility or liability, when. — 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(2)Track the use of moneys withdrawn from a long-term dignity savings account; or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.

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(L. 2020 H.B. 1682)