; effect of pledging account as security Rules similar to the rules of paragraph (2) and (4) of section 408(e) shall apply to any Universal Savings Account. (h) Limitation to one account per individual (1) In general Except as provided in paragraph (2), no trust created for the benefit of an eligible individual shall be treated as a Universal Savings Account under subsection (b) if such eligible individual has in existence another Universal Savings Account at the time such trust was established. (2) Exception Under regulations established by the Secretary, paragraph (1) shall not apply with respect to any trust created for the purposes of receiving a qualified rollover contribution consisting of all amounts in the previously established Universal Savings Account. (i) Reports The trustee of a Universal Savings Account shall make such reports regarding such account to the Secretary and to the beneficiary of the account with respect to contributions, distributions, and such other matters as the Secretary may require. The reports required by this subsection shall be filed at such time and in such manner and furnished to such individuals at such time and in such manner as may be required. . (b) Tax on excess contributions (1) In general Subsection (a) of section 4973 of the Internal Revenue Code of 1986 is amended by striking or at the end of paragraph (5), by inserting or at the end of paragraph (6), and by inserting after paragraph (6) the following new paragraph: (7) a Universal Savings Account (as defined in section 530A), . (2) Excess contribution Section 4973 of such Code is amended by adding at the end the following new subsection: (i) Excess contributions to universal savings accounts For purposes of this section— (1) In general In the case of Universal Savings Accounts (within the meaning of section 530A), the term excess contributions means the sum of— (A) the amount by which the amount contributed for the calendar year to such accounts (other than qualified rollover contributions (as defined in section