(a) A financial institution is not required to take any action to ensure compliance with this chapter, including to:

1. (1) designate an account, designate qualified beneficiaries, or modify the financial institution's account contracts or systems in any way;
2. (2) track the use of money withdrawn from a first-time home buyer savings account;
3. (3) allocate funds in a first-time home buyer savings account among joint account holders or multiple qualified beneficiaries; or
4. (4) report any information to the commissioner or any other government that is not otherwise required by law.

(b) A financial institution is not responsible or liable for:

1. (1) determining or ensuring that an account satisfies the requirements of this chapter or that its funds are used for eligible costs; or
2. (2) reporting or remitting taxes or penalties related to the use of a first-time home buyer savings account.