(a) A financial institution is not required to take any action to ensure compliance with this chapter, including to:
(1) designate an account, designate qualified beneficiaries, or modify the financial institution's account contracts or systems in any way;
(2) track the use of money withdrawn from a first-time home buyer savings account;
(3) allocate funds in a first-time home buyer savings account among joint account holders or multiple qualified beneficiaries; or
(4) report any information to the commissioner or any other government that is not otherwise required by law.
(b) A financial institution is not responsible or liable for:
(1) determining or ensuring that an account satisfies the requirements of this chapter or that its funds are used for eligible costs; or
(2) reporting or remitting taxes or penalties related to the use of a first-time home buyer savings account.
History: 1Sp2017 c 1 art 1 s 40
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