(a) Beginning January 1, 2019, a first-time and second chance home buyer may open an account with a financial institution designated in its entirety by the financial institution as a first-time and second chance home buyer savings account.
(b) Funds from a first-time and second chance home buyer savings account may be used only to pay a first-time and second chance home buyer’s eligible costs for the purchase of a single-family residence in Alabama.
(c) A first-time and second chance home buyer may jointly own a first-time and second chance home buyer savings account with another first-time and second chance home buyer if the joint account holders file a joint income tax return.
(d) Only cash and marketable securities may be contributed to a first-time and second chance home buyer savings account. Subject to the limitations of Section 24-11-7, persons other than the account holder may contribute funds to a first-time and second chance home buyer savings account. There is no limitation on the amount of contributions that may be made to or retained in a first-time and second chance home buyer savings account.