Arkansas Code Title 20, Subtitle 5, Chapter 86 - Family Savings Initiative Act
- § 20-86-101 - Title.
This act shall be known and may be cited as the "Family Savings Initiative Act".
- § 20-86-102 - Declaration.
The General Assembly hereby finds that: (1) Americans of most economic classes are having increasing difficulty climbing the economic ladder. Fully half of all...
- § 20-86-103 - Purpose.
The purpose of this act is to provide for the establishment of individual development accounts designed to: (1) Provide individuals and families with limited...
- § 20-86-104 - Definitions.
As used in this subchapter: (1) (A) "Administrative costs" includes, but is not limited to, soliciting matching funds, processing fees charged by the fiduciary...
- § 20-86-105 - Proposals.
(a) (1) The Department of Workforce Services shall enter into contracts with one (1) or more fiduciary organizations pursuant to the provisions of this...
- § 20-86-106 - Individual Development Account.
(a) (1) An individual who is a resident of this state may submit an application to open an individual development account to a fiduciary...
- § 20-86-107 - Individual Development Account -- Purpose.
(a) Individual development accounts may be used for any of the following qualified purposes: (1) Qualified acquisition costs with respect to a qualified principal...
- § 20-86-108 - Penalty.
(a) (1) If the fiduciary organization receives evidence that moneys withdrawn from individual development accounts are withdrawn under false pretenses or are used for...
- § 20-86-109 - Matching Funds.
(a) (1) Any individual, business, organization, or other entity may contribute matching funds to a fiduciary organization. (2) The funds shall be designated to...
- § 20-86-110 - Effect on Other Programs.
Funds deposited into an individual development account shall not be counted as income, assets, or resources of the individual in determining financial eligibility for...
- § 20-86-111 - Reporting Requirements.
Each fiduciary organization shall provide quarterly to the Department of Workforce Services the following information: (1) The number of individuals making deposits into an...
- § 20-86-112 - Implementation.
The Department of Workforce Services shall be responsible for implementation of this subchapter and shall promulgate rules as necessary in accordance with the provisions...
- § 20-86-113 - Reports -- Recommendations.
(a) The Department of Workforce Services shall prepare a written report annually regarding the implementation of this act and shall make recommendations for improving...
Last modified: November 15, 2016