Indiana § 4-4-28-7 - Establishing account; beneficiaries; residency
Full text of Indiana Indiana Code § 4-4-28-7 — Establishing account; beneficiaries; residency, with citation guidance and answers to common questions.
§ 4-4-28-7. Establishing account; beneficiaries; residency
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.
As added by P.L.15-1997, SEC.1. Amended by P.L.289-2001, SEC.6; P.L.50-2016, SEC.4; P.L.124-2024, SEC.4.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 4-4-28-7
What does Indiana Code § 4-4-28-7 cover?
Section 4-4-28-7 ("Establishing account; beneficiaries; residency") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 4-4-28-7?
A common citation format is "Indiana Code § 4-4-28-7" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 4-4-28-7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.