(1) A financial institution is not required to: (a) Designate an account as a first-time home buyer savings account, or designate the beneficiaries of an account, in the financial institution's account contracts or systems or in any other way; (b) Track the use of money withdrawn from a first-time home buyer savings account; or (c) Report any information to the department or any other governmental agency that is not otherwise required by law. (2) A financial institution is not responsible or liable for: (a) Determining or ensuring that an account holder is eligible for a subtraction under section 39-22-104 (4)(w)(I); (b) Determining or ensuring that money in the account is used for an eligible expense; or (c) Reporting or remitting taxes or penalties related to use of money in a first-time home buyer savings account. (3) In implementing this part 47 and section 39-22-104 (3)(k) and (4)(w), the department shall not establish any administrative, reporting, or other requirements on financial institutions that are outside the scope of normal account procedures.
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