Indiana Code
Chapter 7. Indiana Family College Savings Programs
21-9-7-9. Authorization to Adopt Rules to Establish a Penalty

Sec. 9. The authority may adopt rules or emergency rules under IC 4-22-2 to establish a penalty for a distribution that is not used exclusively for the qualified higher education expenses of an account beneficiary. However, the authority may not establish a penalty for distributions described in IC 21-9-7-1(1).
As added by P.L.25-1999, SEC.14. Amended by P.L.135-2002, SEC.26.

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