541B.5 Financial institution protections. Nothing in this chapter shall be construed to require a financial institution to do any of the following, or to be responsible or liable for any of the following: 1. Designate or label within the financial institution’s account contracts, systems, or in any other manner, an account as a first-time homebuyer savings account. 2. Ascertain or verify the purpose of a withdrawal of funds from a first-time homebuyer savings account, or track the destination or use of the withdrawn funds. 3. Allocate funds in a first-time homebuyer savings account to a designated beneficiary or among joint account holders. 4. Report any information to the department or any other governmental agency.5. Determine or ensure that an account satisfies the requirements to be a first-time homebuyer savings account. 6. Determine or ensure that funds withdrawn from a first-time homebuyer savings account are used for the payment or reimbursement of a designated beneficiary’s eligiblehome costs in connection with a qualified home purchase. 7. Report or remit taxes or penalties related to the ownership or use of a first-time homebuyer savings account. 8. ated beneficiary’s eligiblehome costs in connection with a qualified home purchase. 7. Report or remit taxes or penalties related to the ownership or use of a first-time homebuyer savings account. 8. Include the name of a beneficiary in the title of a first-time homebuyer savings account, or document the change of any beneficiary to a first-time homebuyer savings account. 2017 Acts, ch 116, §7 Sat Dec 23 01:44:27 2023 Iowa Code 2024, Section 541B.5 (6, 0)
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