HB1576 - Mississippi Savings Initiative; create.

1 Co-Sponsor

An Act To Create The Mississippi Savings Initiative; To Authorize The Creation Of Individual Development Accounts For Low-income Individuals That May Be Utilized By The Account Holder For Certain Purposes; To Authorize The Mississippi Department Of Banking And Consumer Finance To Contract With Fiduciary Organizations To Serve As Intermediaries Between Individual Development Account Holders And Financial Institutions Holding Account Funds; To Provide That The Gross Household Income Of Individual Development Account Holders May Not Exceed 185% Of The Poverty Level And The Account Holder's Net Worth May Not Exceed $10,000.00; To Require Individuals Opening An Individual Development Account To Enter Into An Agreement With A Fiduciary Organization; To Provide That The Department Of Human Services Shall Provide Matching Funds For Amounts Contributed To The Individual Development Account By The Individual Development Account Holder, As Allowed By Federal Law; To Limit The Amount Of Matching Funds That May Be Provided For An Individual Development Account; To Provide The Purposes For Which Individual Development Accounts May Be Utilized; To Provide Civil Penalties For The Withdrawal Of Individual Development Account Funds For Purposes Other Than Those Authorized Under This Act; To Require Fiduciary Organizations To Make Quarterly Reports To The Mississippi Department Of Banking And Consumer Finance Containing Certain Information; To Provide That Funds Deposited In An Individual Development Account Shall Not Be Counted As Income, Assets Or Resources Of The Individual In Determining Financial Eligibility For Assistance Or Services Pursuant To Any Federal, Federally Assisted, State Or Municipal Program Based On Need; To Authorize The Use Of Temporary Assistance Of Needy Family Funds As Matching Funds, As Allowed By Federal Law; And For Related Purposes.