A person who is eligible to become an individual development account owner may enter into an agreement developed with a fiduciary organization for the establishment of an individual development account. The agreement shall provide for the amount of the savings deposits, the match fund rate, the asset goal, and the financial literacy classes to be completed, any additional training specific to the asset, and financial counseling the individual will attend, as well as other services designed to increase the independence of the person through the achievement of the account's approved purpose.
Structure Code of Alabama
Chapter 14 - Individual Development Account Program.
Section 38-14-1 - Definitions.
Section 38-14-2 - Establishment of Account.
Section 38-14-3 - Matching Funds.
Section 38-14-4 - Withdrawals and Reimbursements.
Section 38-14-5 - Financial Literacy Education.
Section 38-14-6 - Source of Deposits; Limitations on Deposits.
Section 38-14-7 - Exclusion From Gross Income.
Section 38-14-8 - Selection of Fiduciary Organizations.
Section 38-14-9 - Administration of Accounts.
Section 38-14-10 - Eligibility for Means-Tested Public Benefits.