Effective 28 Aug 2018
443.1007. Financial institutions, actions not responsible or liable for. — 1. No financial institution shall be required to:
(1) Designate an account as a first-time home buyer 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(2) Track the use of moneys withdrawn from a first-time home buyer savings account; or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 143.1150;
(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 first-time home buyer savings account.
3. In implementing section 143.1150 and sections 443.1001 to 443.1007, 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. 2018 H.B. 1796)
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