(a) The fiduciary organization shall establish a grievance committee and a procedure to hear, review, and decide in writing any grievance made by an individual development account holder who disputes a decision of the operating organization that a withdrawal is subject to penalty.

Terms Used In Hawaii Revised Statutes 257-4

  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary organization: means an organization that serves as an intermediary between an individual account holder and the financial institution holding the individual's individual development account funds. See Hawaii Revised Statutes 257-1
  • Individual development account: means an optional, interest bearing, subsidized, tax-benefitted account used exclusively for the purpose of paying the qualified expenditure of an eligible individual as determined by the fiduciary organization. See Hawaii Revised Statutes 257-1
(b) Each fiduciary organization shall establish regulations as are necessary, including prohibiting eligibility for further assistance under an individual development account project conducted under this chapter, to ensure compliance with this chapter if an individual participating in the individual development account project moves from the community in which the project is conducted or is otherwise unable to continue participating in the project.

  Previous
Next  
 Chapter 257 Contents