Sec. 7. (a) A qualifying individual, including an individual who: (1) established an individual development account under this chapter before July 1, 2001; and (2) held the account described in subdivision (1) for less than four (4) years; may establish an account by applying at a community development corporation or community based organization after June 30, 2001. (b) At the time of establishing an account under this section, the qualifying individual must name a beneficiary to replace the qualifying individual as the holder of the account if the qualifying individual dies. If the beneficiary: (1) is a member of the qualifying individual's family, all funds in the account remain in the account; and (2) is not a member of the qualifying individual's family, all funds in the account provided by the state revert to the state. The qualifying individual may change the name of the beneficiary at the qualifying individual's discretion. A beneficiary who becomes the holder of an account under this subsection is subject to this chapter and rules adopted under this chapter regarding withdrawals from the account. (c) Only one (1) member of a qualifying individual's household may establish an account. (d) A qualifying individual shall maintain residency in Indiana until the individual development account is closed.
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