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Can I collect bank account information from participants in South Carolina? What are the requirements?
Based on the additional context provided, it is still not clear what the purpose of collecting bank account information from participants in South Carolina is. However, if the purpose is related to the Palmetto ABLE account, there are certain requirements that need to be followed [2.1].
According to SCCL 11-5-440, a Palmetto ABLE account must be opened by a designated beneficiary, a designated beneficiary’s agent under a durable power of attorney, a trustee holding funds for the benefit of a designated beneficiary, or a court-appointed guardian or conservator of a designated beneficiary. Each designated beneficiary may have only one account. The application for an account must contain certain information, including the name, address, and social security number of the account owner and the designated beneficiary, certification relating to no excess contributions, and additional information as required by the State Treasurer. Contributions to a Palmetto ABLE account may be made only in cash, subject to the limitations imposed by Section 529A of the federal Internal Revenue Code of 1986, as amended, or any adopted rules and regulations promulgated by the State Treasurer pursuant to this article.
It is important to note that the release of information is limited to the authorized persons and the designated beneficiary [2.1]. Therefore, collecting bank account information from participants in South Carolina for purposes other than the Palmetto ABLE account may require additional legal considerations and requirements.
If the purpose of collecting bank account information is not related to the Palmetto ABLE account, further information is needed to provide a comprehensive answer.
Source(s):
Jurisdiction
South Carolina