|
38-14-4
Section 38-14-4 Withdrawals and reimbursements. (a) If an emergency occurs, an account owner
may withdraw all or part of the account owner's deposits to an individual development account
with the approval of the fiduciary organization. (b) The account owner shall reimburse his
or her individual development account for the amount withdrawn under this section within 12
months after the date of the withdrawal. Failure of the account owner to make a timely reimbursement
to the account will remove the account owner from the Individual Development Account Program.
Until the reimbursement has been made in full, an account owner may not withdraw any matching
funds or accrued interest on matching funds from the account. (c) If an account owner withdraws
money from an individual development account for other than a qualified purpose, the fiduciary
organization shall remove the account owner from the program. (Act 2011-641, p. 1626, §4.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/38-14-4.htm - 1K - Match Info - Similar pages
38-14-9
Section 38-14-9 Administration of accounts. (a) Subject to rules promulgated by the department,
a fiduciary organization has sole authority over, and responsibility for, the administration
of individual development accounts. The responsibility of the fiduciary organization extends
to all aspects of the account program, including marketing to all eligible individuals and
families, soliciting matching funds, counseling account owners, providing financial literacy
education, and conducting required verification and compliance activities. The fiduciary organization
may establish program provisions as the organization believes necessary to ensure account
owner compliance with this chapter. (b) A fiduciary organization may act in partnership with
other entities, including businesses, government agencies, corporations, nonprofit organizations,
community action programs, community development corporations, housing authorities and faith-based
entities, to assist in the fulfillment of its...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/38-14-9.htm - 3K - Match Info - Similar pages
38-14-8
Section 38-14-8 Selection of fiduciary organizations. The department shall select fiduciary
organizations through competitive processes. In making the selections, the department may
consider factors including, but not limited to, the following: (1) The ability of the fiduciary
organization to implement and administer the individual development account program, including
the ability to verify account owner eligibility, certify that matching funds are used only
for qualified purposes, and exercise general fiscal accountability. (2) The capacity of the
fiduciary organization to provide or raise matching funds for the deposits of account owners.
(3) The capacity of the fiduciary organization to provide, or to arrange for the provisions
of, financial counseling, financial literacy education and training specific to the assets
the account owners will be purchasing, and other related services to account owners. (4) The
links the fiduciary organization has to other activities and programs...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/38-14-8.htm - 1K - Match Info - Similar pages
38-14-1
Section 38-14-1 Definitions. As used in this chapter, the following terms shall have the following
meanings: (1) DEPARTMENT. The Department of Human Resources. (2) ELIGIBLE INDIVIDUAL or FAMILY
MEMBER. A person whose household income is equal to or less than 80 percent of the median
household income for the state or less than 200 percent of the federal poverty guidelines,
whichever is greater. (3) EMERGENCY. Payments for necessary medical expenses of the account
owner or family member, expenses to avoid the eviction of the account owner from the account
owner's primary residence, and for necessary living expenses following a loss of income (4)
FIDUCIARY ORGANIZATION. Any nonprofit, fund-raising organization that is exempt from taxation
under Section 501(c)(3) of the Internal Revenue Code, as amended; any certified community
development financial institution; any credit union chartered under federal or state law;
or any Indian tribe as defined in Section 4(12) of the Native American...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/38-14-1.htm - 3K - Match Info - Similar pages
38-14-2
Section 38-14-2 Establishment of account. A person who is eligible to become an individual
development account owner may enter into an agreement developed with a fiduciary organization
for the establishment of an individual development account. The agreement shall provide for
the amount of the savings deposits, the match fund rate, the asset goal, and the financial
literacy classes to be completed, any additional training specific to the asset, and financial
counseling the individual will attend, as well as other services designed to increase the
independence of the person through the achievement of the account's approved purpose. (Act
2011-641, p. 1626, §2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/38-14-2.htm - 974 bytes - Match Info - Similar pages
36-25-1
Section 36-25-1 Definitions. Whenever used in this chapter, the following words and terms shall
have the following meanings: (1) BUSINESS. Any corporation, partnership, proprietorship, firm,
enterprise, franchise, association, organization, self-employed individual, or any other legal
entity. (2) BUSINESS WITH WHICH THE PERSON IS ASSOCIATED. Any business of which the person
or a member of his or her family is an officer, owner, partner, board of director member,
employee, or holder of more than five percent of the fair market value of the business. (3)
CANDIDATE. This term as used in this chapter shall have the same meaning ascribed to it in
Section 17-5-2. (4) COMMISSION. The State Ethics Commission. (5) COMPLAINT. Written allegation
or allegations that a violation of this chapter has occurred. (6) COMPLAINANT. A person who
alleges a violation or violations of this chapter by filing a complaint against a respondent.
(7) CONFIDENTIAL INFORMATION. A complaint filed pursuant to this...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-25-1.htm - 21K - Match Info - Similar pages
11-32-7
Section 11-32-7 Powers of authority. (a) The authority shall exercise powers and duties necessary
to the discharge of its powers and duties in corporate form as follows: (1) Have succession
by its corporate name in perpetuity subject to Section 11-32-20. (2) Sue and be sued in its
own name in civil suits and actions and defend suits against it. (3) Adopt and make use of
a corporate seal and alter the same at its pleasure. (4) Adopt and alter bylaws for the regulation
and conduct of its affairs and business. (5) Acquire, receive, take, by purchase, gift, lease,
devise, or otherwise, and hold property of every description, real, personal, or mixed, whether
located in one or more counties or municipalities and whether located within or outside the
authorizing county. (6) Make, enter into, and execute contracts, agreements, leases, and other
instruments and take other actions as may be necessary or convenient to accomplish any purpose
for which the authority was organized, or exercise any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-32-7.htm - 14K - Match Info - Similar pages
38-14-11
Section 38-14-11 Funding. The department shall not be obligated to fund individual development
parallel accounts or be obligated to enter into contracts with fiduciary organizations unless
the Legislature appropriates funding to the department for the establishment of an Individual
Development Account Program, nor shall the department be obligated to spend funds on an Individual
Development Account Program above the amount appropriated by the Legislature for such a program.
(Act 2011-641, p. 1626, §11.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/38-14-11.htm - 816 bytes - Match Info - Similar pages
38-14-5
Section 38-14-5 Financial literacy education. Before becoming eligible to receive matching
funds to pay for qualified purposes, individual development account owners shall complete
a financial literacy education course offered by a qualified financial institution, a qualified
fiduciary organization, an Indian tribe, or a governmental entity in accordance with federal
guidelines. (Act 2011-641, p. 1626, §5.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/38-14-5.htm - 717 bytes - Match Info - Similar pages
16-33C-3
Section 16-33C-3 Definitions. The following terms as used in this chapter shall have the meanings
ascribed to them, unless the context clearly indicates otherwise: (1) ABLE PROGRAM. The Achieving
a Better Life Experience Program established pursuant to this chapter and defined in Section
529A of the Internal Revenue Code of 1986, as amended, or other applicable federal law, to
assist individuals and families to save private funds to support individuals with disabilities
to maintain health, independence, and quality of life. (2) ABLE SAVINGS ACCOUNT. An individual
ABLE trust fund account established by a contributor pursuant to this chapter to apply distributions
from the account toward qualified disability expenses for an eligible designated beneficiary,
both terms as defined in Section 529A of the Internal Revenue Code of 1986, as amended, or
other applicable federal law. (3) ABLE TRUST FUND. The fiduciary trust fund established pursuant
to this chapter comprised of separate and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-33C-3.htm - 4K - Match Info - Similar pages
|