{"data":{"id":"us-ia/iowa-code-541b.5","jurisdiction":"us-ia","citation":"Iowa Code § 541B.5","heading":"Financial institution protections.","body":"Nothing in this chapter shall be construed to require a financial institution to do any of the following, or to be responsible or liable for any of the following:\n1. Designate or label within the financial institution’s account contracts, systems, or in any other manner, an account as a first-time homebuyer savings account.\n2. Ascertain or verify the purpose of a withdrawal of funds from a first-time homebuyer savings account, or track the destination or use of the withdrawn funds.\n3. Allocate funds in a first-time homebuyer savings account to a designated beneficiary or among joint account holders.\n4. Report any information to the department or any other governmental agency.\n5. Determine or ensure that an account satisfies the requirements to be a first-time homebuyer savings account.\n6. Determine or ensure that funds withdrawn from a first-time homebuyer savings account are used for the payment or reimbursement of a designated beneficiary’s eligible home costs in connection with a qualified home purchase.\n7. Report or remit taxes or penalties related to the ownership or use of a first-time homebuyer savings account.\n8. Include the name of a beneficiary in the title of a first-time homebuyer savings account, or document the change of any beneficiary to a first-time homebuyer savings account.","path":["Title XIII - COMMERCE (Ch. 505 - 554I)","Chapter 541B - IOWA FIRST-TIME HOMEBUYER SAVINGS ACCOUNT ACT"],"source_url":"https://www.legis.iowa.gov/docs/code/2026/541B.5.pdf","current_through":"Iowa Code 2026 edition","vintage":"","retrieved_at":"2026-09-14T19:40:14Z","sha256":"ede23cbe93365a5742d3e1a5031ec6a920a58843502ec8998cee2625952a7fad","source_id":"us-ia","stale":false,"prev":"us-ia/iowa-code-541b.4","next":"us-ia/iowa-code-541b.6"},"notice":"GroundRules: Original legal text. Not legal advice."}