P.R. Laws tit. 17, § 1522
2019-02-20 00:00:00+00
The financial institutions participating in the Individual Savings and Development Accounts Program shall: (i) maintain the account in the name of the participant; (ii) allow that deposits be made to the participants’ account, and (iii) ascertain that the accounts generate the prevailing interests at that time, established by the Commissioner of Financial Institutions, or those agreed upon by the Communities Revitalization Administration (ARCo.), and the financial institutions. This interest shall be tax exempted while the money is maintained in the accounts and even if withdrawn, if disbursed for an approved use.
History —Dec. 4, 2001, No. 170, § 15.