Sec. 9. The authority may adopt rules under IC 4-22-2 to establish a penalty for a distribution that is not used exclusively for the qualified higher education expenses of an account beneficiary. However, the authority may not establish a penalty for distributions described in section 1(1) of this chapter. IC 21-9-8 Chapter 8. Indiana Family College Savings Trust Program 21-9-8-1 College choice plan; administration of trust funds 21-9-8-2 Deposits of money; division of trust fund into separate accounts
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