Financial institutions, requirements — no responsibility or liability, when.

191.1607. Financial institutions, requirements — no responsibility or liability, when. — 1. No financial institution shall be required to: (1) Designate an account as a long-term dignity 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an account in the financial institution's account contracts or systems or in any other way; (2) Track the use of moneys withdrawn from a long-term dignity savings account; or (3) Report any information to the department or any other governmental agency that is not otherwise required by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 143.1160 ; (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 long-term dignity savings account. 3. In implementing sections 143.1160 and 191.1601 to 191.1607 , the department shall not establish any administrative, reporting, or other requirements on financial institutions that are outside the scope of normal account procedures. (L. 2020 H.B. 1682)