(1) A financial institution is not required to:(a) 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an account, in the financial institution's account contracts or systems or in any other way;(b) Track the use of money withdrawn from a first-time home buyer savings account; or(c) Report any information to the department or any other governmental agency that is not otherwise required by law.(2) A financial institution is not responsible or liable for: (a) Determining or ensuring that an account holder is eligible for a subtraction under section 39-22-104(4)(w)(I);(b) Determining or ensuring that money in the account is used for an eligible expense; or(c) Reporting or remitting taxes or penalties related to use of money in a first-time home buyer savings account.(3) In implementing this part 47 and section 39-22-104(3)(k) and (4)(w), the department shall not establish any administrative, reporting, or other requirements on financial institutions that are outside the scope of normal account procedures.L. 2016: Entire part added, (HB 16-1467), ch. 321, p. 1305, § 2, effective August 10.