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20-3-108. ABLE accounts.
Arkansas Code — all titles (historical 2020) · legal_authorities
20-3-108. ABLE accounts.
(a)(1) An account owner or contributor may establish an ABLE account by making an initial contribution to the Achieving a Better Life Experience Program, signing an application form approved by the Achieving a Better Life Experience Program Committee, and naming the ABLE account owner and the designated beneficiary.
(2) If the contributor is not the ABLE account owner, the ABLE account owner shall also sign the application form.
(3) Any person may make contributions to an ABLE account after the ABLE account is opened.
(b) Contributions to an ABLE account shall be made only in cash.
(c)(1) Total contributions to all ABLE accounts shall not exceed those reasonably necessary to provide for the qualified disability expenses of the beneficiary.
(2) The committee shall establish maximum contribution limits applicable to program ABLE accounts in accordance with the program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295.
(d)(1) Separate records and accounting shall be required by the program for each ABLE account.
(2) Reports shall be made no less frequently than annually to the ABLE account owner.
(e)(1) The program may collect application, ABLE account, or administrative fees to defray the costs of the program.
(2) The application, ABLE account, or administrative fees shall be approved by the committee.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-3-108
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:20-3-108
Source file: gov.ar.code.title.20.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5fafec68e25af7836bfbc7b05aa94a6a4ded1fb0a2ac043e50feb2f4687b858f
Source location: content.xml paragraph 251
Stored source content
20-3-108. ABLE accounts.
(a)(1) An account owner or contributor may establish an ABLE account by making an initial contribution to the Achieving a Better Life Experience Program, signing an application form approved by the Achieving a Better Life Experience Program Committee, and naming the ABLE account owner and the designated beneficiary.
(2) If the contributor is not the ABLE account owner, the ABLE account owner shall also sign the application form.
(3) Any person may make contributions to an ABLE account after the ABLE account is opened.
(b) Contributions to an ABLE account shall be made only in cash.
(c)(1) Total contributions to all ABLE accounts shall not exceed those reasonably necessary to provide for the qualified disability expenses of the beneficiary.
(2) The committee shall establish maximum contribution limits applicable to program ABLE accounts in accordance with the program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295.
(d)(1) Separate records and accounting shall be required by the program for each ABLE account.
(2) Reports shall be made no less frequently than annually to the ABLE account owner.
(e)(1) The program may collect application, ABLE account, or administrative fees to defray the costs of the program.
(2) The application, ABLE account, or administrative fees shall be approved by the committee.
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