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6-84-110. Prohibitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-84-110. Prohibitions.
(a)(1) Total contributions to all accounts established on behalf of a particular designated beneficiary in excess of those reasonably necessary to meet the designated beneficiary's qualified higher education expenses are prohibited.
(2) An employer matching contribution to the account of an employee with an account established under this chapter shall not exceed five hundred dollars ($500) per contributing employee per year.
(b)(1) No account or any legal or beneficial interest in an account shall be assignable or pledged or otherwise used to secure or obtain a loan or other advancement.
(2) An account or any legal or beneficial interest in an account shall not be subject to attachment, levy, or execution by any creditor of an account owner or designated beneficiary.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-84-110
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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Record provenance
Stable record: arkansas_code:legal_authorities:6-84-110
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 32f921d9a3c09f446df8ba1878ae7ee50f8cc89b6631f282cb81ec3cb59596ec
Source location: content.xml paragraph 45554
Stored source content
6-84-110. Prohibitions.
(a)(1) Total contributions to all accounts established on behalf of a particular designated beneficiary in excess of those reasonably necessary to meet the designated beneficiary's qualified higher education expenses are prohibited.
(2) An employer matching contribution to the account of an employee with an account established under this chapter shall not exceed five hundred dollars ($500) per contributing employee per year.
(b)(1) No account or any legal or beneficial interest in an account shall be assignable or pledged or otherwise used to secure or obtain a loan or other advancement.
(2) An account or any legal or beneficial interest in an account shall not be subject to attachment, levy, or execution by any creditor of an account owner or designated beneficiary.
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