Iowa Administrative Code
Agency 421 - Human Rights Department
Chapter 25 - INDIVIDUAL DEVELOPMENT ACCOUNT (IDA)
Rule 421-25.7 - Notice of nonapproved withdrawals and closure of the account
Universal Citation: IA Admin Code 421-25.7
Current through Register Vol. 46, No. 19, March 20, 2024
(1) Nonapproved withdrawals and attempted withdrawals for nonapproved purposes. The financial institution shall notify the operating organization within five calendar days of any withdrawals or attempted withdrawals that appear to be nonapproved. The financial institution shall refuse to release any funds that do not have the written authorization of approval from the operating organization.
(2) Closure of an IDA by the operating organization. The operating organization may close an IDA if the operating organization determines any of the following:
a. The account holder has withdrawn funds
from the account for a purpose not authorized by subrule 25.6(1), or funds have
been withdrawn under false pretenses and have been used for purposes other than
for the approved purposes indicated at the time of the withdrawal.
b. There has been no activity in the IDA
during the preceding 12 months.
c.
The account holder has not complied with the terms of an IDA participation
agreement between the account holder and the operating organization, after
being provided notice of the requirement to comply with the agreement by the
operating organization.
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