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2017 Arkansas Code
Title 20 - Public Health and Welfare
Subtitle 1 - General Provisions
Chapter 3 - Achieving a Better Life Experience Program Act
§ 20-3-108. Accounts
Universal Citation: AR Code § 20-3-108 (2017)
- (a)
- (1) An account owner or contributor may establish an 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 account owner and the designated beneficiary.
- (2) If the contributor is not the account owner, the account owner shall also sign the application form.
- (3) Any person may make contributions to an account after the account is opened.
- (b) Contributions to an account shall be made only in cash.
- (c)
- (1) Total contributions to all 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 accounts in accordance with the Achieving a Better Life Experience 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 account.
- (2) Reports shall be made no less frequently than annually to the account owner.
- (e)
- (1) The program may collect application, account, or administrative fees to defray the costs of the program.
- (2) The application, account, or administrative fees shall be approved by the committee.
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