Sec. 15. (a) An individual must request and receive authorization from the community development corporation that administers the individual's account before withdrawing money from the account for any purpose.
(b) An individual who is denied authorization to withdraw money under subsection (a) may appeal the community development corporation's decision to the authority under rules adopted by the authority under IC 4-22-2.
As added by P.L.15-1997, SEC.1. Amended by P.L.235-2005, SEC.48; P.L.1-2006, SEC.54; P.L.181-2006, SEC.9; P.L.1-2007, SEC.11.
Structure Indiana Code
Title 4. State Offices and Administration
Article 4. Lieutenant Governor
Chapter 28. Individual Development Accounts
4-4-28-2. "Community Development Corporation"
4-4-28-3. "Financial Institution"
4-4-28-5. "Individual Development Account"
4-4-28-6. "Qualifying Individual"
4-4-28-7. Establishing Account; Beneficiaries; Residency
4-4-28-8. Community Development Corporation Duties
4-4-28-10. Number of Accounts Limited
4-4-28-12. Deposits to Accounts; Matching Contributions; Use of Federal Block Grant Money
4-4-28-13. Individual Development Account Fund; Tax Credits
4-4-28-14. Interest; Taxes; Fees
4-4-28-15. Withdrawal of Money From Account; Appeal of Denial
4-4-28-16. Account Withdrawal; Purposes; Approval
4-4-28-17. Money in Account Not Considered Assets