Financial institutions, actions not responsible or liable for.

443.1007. Financial institutions, actions not responsible or liable for. — 1. No financial institution shall be required to: (1) 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an account in the financial institution's account contracts or systems or in any other way; (2) Track the use of moneys withdrawn from a first-time home buyer savings account; or (3) Report any information to the department or any other governmental agency that is not otherwise required by law. 2. No financial institution shall be responsible or liable for: (1) Determining or ensuring that an account holder is eligible for a tax deduction under section 143.1150 ; (2) Determining or ensuring that moneys in the account are used for eligible expenses; or (3) Reporting or remitting taxes or penalties related to use of moneys in a first-time home buyer savings account. 3. In implementing section 143.1150 and sections 443.1001 to 443.1007 , the department shall not establish any administrative, reporting, or other requirements on financial institutions that are outside the scope of normal account procedures. (L. 2018 H.B. 1796)