35A-3-312.  Individual development accounts.

(1)  As used in this section:

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Terms Used In Utah Code 35A-3-312

  • Cash assistance: means the monthly dollar amount a recipient is eligible to receive under the Family Employment Program under Section 35A-3-302. See Utah Code 35A-3-102
  • Employment plan: means a written agreement between the department and a client that describes:
(a) the relationship between the department and the client;
(b) the obligations of the department and the client; and
(c) the result if an obligation is not fulfilled by the department or the client. See Utah Code 35A-1-102
  • Person: means :Utah Code 68-3-12.5
  • Recipient: means a person who is qualified to receive, is receiving, or has received assistance under this chapter. See Utah Code 35A-3-102
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
    • (a)  “Individual development account” means a trust account funded through periodic contributions by a recipient and matched by or through a not-for-profit organization organized under Section 501(c)(3), Internal Revenue Code.

    (b)  “Qualified acquisition costs” means the costs of acquiring, constructing, or reconstructing a residence, including settlement and closing costs.

    (c)  “Qualified businesses capitalization expenses” means expenditures for capital, plant, equipment, working capital, and inventory.

    (2)  An individual development account may be established by or on behalf of a recipient to enable the recipient to accumulate funds for the following purposes:

    (a)  postsecondary educational expenses, including tuition, fees, books, supplies, and transportation costs, if:

    (i)  the recipient has terminated cash assistance under this chapter; and

    (ii)  the expenses are paid from the individual development account directly to an educational institution that the recipient is attending as part of an employment plan;

    (b)  qualified acquisition costs associated with a first-time home purchase if paid from the individual development account directly to a person to whom the amount is due;

    (c)  amounts paid from an individual development account directly to a business capitalization account that is established in a federally insured financial institution and used solely for qualified business capitalization expenses; or

    (d)  the purchase of assistive technologies, vehicle modifications, or home improvements to allow a recipient with a disability to participate in work-related activities.

    (3)  A recipient may only deposit earned income and funds received from a not-for-profit organization into an individual development account.

    Amended by Chapter 221, 2015 General Session

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