SENATE AMENDMENT

    Bill No. SB 1830

    Amendment No. 5

                            CHAMBER ACTION
              Senate                               House
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11  The Committee on Children and Families recommended the

12  following amendment:

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14         Senate Amendment 

15         On page 6, line 16 through line 26, delete those lines

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17  and insert:

18         (8)  The WAGES Program State Board of Directors shall

19  establish penalties and procedures for enforcing compliance

20  with such penalties for the withdrawal of moneys from

21  individual development accounts under false pretenses or for

22  the use of such moneys for other than approved purposes. The

23  penalties established shall include, but not be limited to,

24  the repayment of moneys withdrawn that were not used for one

25  or more of the qualified purposes.  The WAGES Program State

26  Board of Directors may, at its discretion, specify conditions

27  under which an account shall be closed.

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    12:09 PM   04/13/00                                s1830.cf.05