Connecticut Administrative Code
Title 31 - Labor
51ddd - Individual Development Accounts Program
Section 31-51ddd-12 - Financial institutions

Universal Citation: CT Reg of State Agencies 31-51ddd-12

Current through September 9, 2024

(a) A community-based organization operating a certified state IDA program shall be required to enter into a written governing instrument with a financial institution.

(b) The written governing agreement shall provide for (1) the establishment of individual development accounts in the form of Trust or Custodial Accounts for the benefit of the account holders, which conform to the requirements of the Assets for Independence Act, Public Law 105-285, as amended from time to time, and into which accounts the account holders shall make deposits; (2) an assurance that the financial institution shall pay at least a market rate of interest on the individual development accounts; and (3) an assurance that the financial institution shall not require an account holder to make any purchase or enter into any commercial transaction with a specific individual, business, financial institution or other entity.

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