Kansas Statutes
Article 49 - First-time Home Buyer Savings Account Act
58-4906 Financial institutions; actions not responsible or liable for.

58-4906. Financial institutions; actions not responsible or liable for. (a) No financial institution shall be required to:
(1) 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;
(2) track the use of moneys withdrawn from an account; or
(3) report any information to the department of revenue or any other governmental agency that is not otherwise required by law.
(b) No financial institution shall be responsible or liable for:
(1) Determining or ensuring that an account holder is eligible for a Kansas adjusted gross income modification pursuant to K.S.A. 79-32,117, and amendments thereto;
(2) determining or ensuring that moneys in the account are used for eligible expenses; or
(3) reporting or remitting taxes or penalties related to the use of account moneys.
History: L. 2021, ch. 102, § 6; July 1.

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