208.760. 1. A family or individual whose household income is lessthan or equal to two hundred percent of the federal poverty level may opena family development account for the purpose of accumulating andwithdrawing moneys for specified expenditures. The account holder maywithdraw moneys from the account on the approval of the community-basedorganization, without penalty, for any of the following expenditures:
(1) Educational costs for any family member at an accreditedinstitution of higher education;
(2) Job training costs for any family member eighteen years of age orolder, at an accredited or licensed training program;
(3) Purchase of a primary residence;
(4) Major repairs or improvements to a primary residence; or
(5) Start-up capitalization of a small business for any family membereighteen years of age or older.
2. Financial institutions approved by the department shall bepermitted to establish family development accounts pursuant to sections208.750 to 208.775. The financial institution shall certify to thedepartment, on forms prescribed by the department and accompanied by anydocumentation required by the department, that such accounts have beenestablished pursuant to the provisions of sections 208.750 to 208.775 andthat deposits have been made on behalf of the account holder.
3. A financial institution establishing a family development accountshall:
(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 rate;
(3) Require the account to earn at least the market rate of interest;and
(4) Permit the account holder to withdraw moneys from the account forany of the purposes listed in subsection 1 of this section.
4. The total of all deposits by the account holder into a familydevelopment account in a calendar year shall not exceed two thousanddollars. The total balance in a family development account shall notexceed fifty thousand dollars.
208.760. 1. A family or individual whose household income is lessthan or equal to two hundred percent of the federal poverty level may opena family development account for the purpose of accumulating andwithdrawing moneys for specified expenditures. The account holder maywithdraw moneys from the account on the approval of the community-basedorganization, without penalty, for any of the following expenditures:
(1) Educational costs for any family member at an accreditedinstitution of higher education;
(2) Job training costs for any family member eighteen years of age orolder, at an accredited or licensed training program;
(3) Purchase of a primary residence;
(4) Major repairs or improvements to a primary residence; or
(5) Start-up capitalization of a small business for any family membereighteen years of age or older.
2. Financial institutions approved by the department shall bepermitted to establish family development accounts pursuant to sections208.750 to 208.775. The financial institution shall certify to thedepartment, on forms prescribed by the department and accompanied by anydocumentation required by the department, that such accounts have beenestablished pursuant to the provisions of sections 208.750 to 208.775 andthat deposits have been made on behalf of the account holder.
3. A financial institution establishing a family development accountshall:
(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 rate;
(3) Require the account to earn at least the market rate of interest;and
(4) Permit the account holder to withdraw moneys from the account forany of the purposes listed in subsection 1 of this section.
4. The total of all deposits by the account holder into a familydevelopment account in a calendar year shall not exceed two thousanddollars. The total balance in a family development account shall notexceed fifty thousand dollars.
208.760. 1. A family or individual whose household income is lessthan or equal to two hundred percent of the federal poverty level may opena family development account for the purpose of accumulating andwithdrawing moneys for specified expenditures. The account holder maywithdraw moneys from the account on the approval of the community-basedorganization, without penalty, for any of the following expenditures:
(1) Educational costs for any family member at an accreditedinstitution of higher education;
(2) Job training costs for any family member eighteen years of age orolder, at an accredited or licensed training program;
(3) Purchase of a primary residence;
(4) Major repairs or improvements to a primary residence; or
(5) Start-up capitalization of a small business for any family membereighteen years of age or older.
2. Financial institutions approved by the department shall bepermitted to establish family development accounts pursuant to sections208.750 to 208.775. The financial institution shall certify to thedepartment, on forms prescribed by the department and accompanied by anydocumentation required by the department, that such accounts have beenestablished pursuant to the provisions of sections 208.750 to 208.775 andthat deposits have been made on behalf of the account holder.
3. A financial institution establishing a family development accountshall:
(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 rate;
(3) Require the account to earn at least the market rate of interest;and
(4) Permit the account holder to withdraw moneys from the account forany of the purposes listed in subsection 1 of this section.
4. The total of all deposits by the account holder into a familydevelopment account in a calendar year shall not exceed two thousanddollars. The total balance in a family development account shall notexceed fifty thousand dollars.
