Authorization to adopt rules to establish a penalty

Ind. Code § 21-9-7-9
in effect
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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. As added by P.L.25-1999, SEC.14. Amended by P.L.135-2002, SEC.26; P.L.93-2024, SEC.154.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/21Fetched: 10/17/2026

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