Sec. 9. The authority may adopt rules under IC 4-22-2 to establish a penalty for a distribution that is not used exclusively for the qualified higher education expenses of an account beneficiary. However, the authority may not establish a penalty for distributions described in section 1(1) of this chapter.
Ind. Code § 21-9-7-9
Authorization to adopt rules to establish a penalty
As added by P.L.25-1999, SEC.14
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.