6.2-603 - (Effective October 1, 2010) Medical savings accounts and health savings accounts. - Virginia Statutes

§ 6.2-603. (Effective October 1, 2010) Medical savings accounts and healthsavings accounts.

To the extent allowed by federal law, a bank, insured savings institution, orcredit union may act as a trustee or custodian of health savings accountsestablished with financial institutions under § 223 of the United StatesInternal Revenue Code of 1986, as amended from time to time, and medicalsavings accounts established with financial institutions under § 220 of theUnited States Internal Revenue Code of 1986, as amended from time to time.Contributions may be accepted and interest thereon retained by suchinstitution pursuant to forms provided by it and may be invested in accountsof the institution in accordance with the terms upon which such contributionswere accepted. The financial institution shall administer such accounts inaccordance with the requirements of federal law.

(1999, c. 331, § 6.1-2.9:8; 2005, cc. 503, 572; 2010, c. 794.)