Prohibitions

(a) (1) Total contributions to all accounts established on behalf of a particular designated beneficiary in excess of those reasonably necessary to meet the designated beneficiary's qualified higher education expenses are prohibited. (2) An employer matching contribution to the account of an employee with an account established under this chapter shall not exceed five hundred dollars ($500) per contributing employee per year. (b) (1) No account or any legal or beneficial interest in an account shall be assignable or pledged or otherwise used to secure or obtain a loan or other advancement. (2) An account or any legal or beneficial interest in an account shall not be subject to attachment, levy, or execution by any creditor of an account owner or designated beneficiary. Amended by Act 2017, No. 884,§ 12, eff. 8/1/2017. Acts 1999, No. 996, § 9; 2003, No. 515, § 1.

(a) (1) Total contributions to all accounts established on behalf of a particular designated beneficiary in excess of those reasonably necessary to meet the designated beneficiary's qualified higher education expenses are prohibited. (2) An employer matching contribution to the account of an employee with an account established under this chapter shall not exceed five hundred dollars ($500) per contributing employee per year.

(1) Total contributions to all accounts established on behalf of a particular designated beneficiary in excess of those reasonably necessary to meet the designated beneficiary's qualified higher education expenses are prohibited.

(2) An employer matching contribution to the account of an employee with an account established under this chapter shall not exceed five hundred dollars ($500) per contributing employee per year.

(b) (1) No account or any legal or beneficial interest in an account shall be assignable or pledged or otherwise used to secure or obtain a loan or other advancement. (2) An account or any legal or beneficial interest in an account shall not be subject to attachment, levy, or execution by any creditor of an account owner or designated beneficiary.

(1) No account or any legal or beneficial interest in an account shall be assignable or pledged or otherwise used to secure or obtain a loan or other advancement.

(2) An account or any legal or beneficial interest in an account shall not be subject to attachment, levy, or execution by any creditor of an account owner or designated beneficiary.

Amended by Act 2017, No. 884,§ 12, eff. 8/1/2017.

Acts 1999, No. 996, § 9; 2003, No. 515, § 1.