Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/24-11-4.htm |
---|---|
Depth: | 0 singles |
Size: | 1,740 bytes |
Modified: | 2018-07-13 14:24:14 |
Categories: | -None- |
Title: | 24-11-4 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 24-11-4 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Establishment and Use of First-time and Second Chance Home Buyer Savings Account. (a) Beginning January 1, 2019, a first-time and second chance home buyer may open an account with a financial institution designated in its entirety by the financial institution as a first-time and second chance home buyer savings account. (b) Funds from a first-time and second chance home buyer savings account may be used only to pay a first-time and second chance home buyer's eligible costs for the purchase of a single-family residence in Alabama. (c) A first-time and second chance home buyer may jointly own a first-time and second chance home buyer savings account with another first-time and second chance home buyer if the joint account holders file a joint income tax return. (d) Only cash and marketable securities may be contributed to a first-time and second chance home buyer savings account. Subject to the limitations of Section 24-11-7, persons other than the account holder may contribute funds to a first-time and second chance home buyer savings account. There is no limitation on the amount of contributions that may be made to or retained in a first-time and second chance home buyer savings account. (Act 2018-467, ยง2.) |