{"data":{"id":"us-ks/k.s.a.-74-50-205","jurisdiction":"us-ks","citation":"K.S.A. 74-50,205","heading":"Same; establishment of account by financial institution; duties; deposits, limitations.","body":"(a) Financial institutions seeking to open and maintain individual development accounts approved by the secretary for account holders shall be permitted to establish individual development accounts pursuant to K.S.A. 74-50,201 through 74-50,208, and amendments thereto.\n(b) A financial institution establishing an individual development account shall:\n(1) Keep the account in the name of the account holder;\n(2) permit deposits to be made in the account by the following, subject to the indicated conditions:\n(A) The account holder; or\n(B) a community-based organization on behalf of the account holder. Such a deposit may include moneys to match the account holder's deposits, up to a three-to-one match ratio;\n(3) require the account to earn at least the market rate of interest; and\n(4) permit the account holder to withdraw moneys upon approval of a community-based organization from the account for any of the purposes listed in subsections (a) through (e) of K.S.A. 74-50,204, and amendments thereto.\n(c) The total of all deposits by the account holder into an individual development account in a calendar year shall not exceed 30% of an account holder's annual personal income not to exceed $4,000, except when necessary to comply with the emergency withdrawal provisions contained in K.S.A. 74-50,206, and amendments thereto. The total balance in an individual development account at any time shall not exceed $50,000.","path":["Chapter 74.—STATE BOARDS, COMMISSIONS AND AUTHORITIES","Article 50.—DEPARTMENT OF COMMERCE"],"source_url":"https://www.ksrevisor.gov/statutes/chapters/ch74/074_050_0205.html","current_through":"2025 legislative session","vintage":"","retrieved_at":"2026-09-04T15:14:21Z","sha256":"f22dd2d4ce235e3a39c445e4ff60c37ad1b7ac780893e48b0fbc50f9b40ce81d","source_id":"us-ks","stale":false,"prev":"us-ks/k.s.a.-74-50-204","next":"us-ks/k.s.a.-74-50-206"},"notice":"GroundRules: Original legal text. Not legal advice."}