Indiana Code 21-9-7-9. Authorization to adopt rules to establish a penalty
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Terms Used In Indiana Code 21-9-7-9
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
Sec. 9. The authority may adopt rules or emergency rules under IC 4-22-2 to establish a penalty for a distribution that is not used exclusively for the qualified higher education expenses of an account beneficiary. However, the authority may not establish a penalty for distributions described in IC 21-9-7-1(1).
As added by P.L.25-1999, SEC.14. Amended by P.L.135-2002, SEC.26.