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Current as of January 01, 2024 | Updated by Findlaw Staff
A. Except as set forth in Subsections B and C of this section, an eligible individual shall have earned income and shall be:
(1) eighteen years of age or older;
(2) a citizen, legal resident, refugee, asylee or person otherwise legally present in the United States at the time the person opens the person's individual development account;
(3) a resident of New Mexico; and
(4) an indigent.
B. A child in foster care is an eligible individual if the child is:
(1) fifteen years of age or older;
(2) an indigent;
(3) a citizen, a legal resident, a refugee or an asylee or is otherwise legally present in the United States at the time the person opens the person's individual development account; and
(4) a resident of New Mexico.
C. A child is an eligible individual if the child is:
(1) at least fifteen years of age and not more than eighteen years of age;
(2) a member of a family whose members are all indigents;
(3) a citizen, a legal resident, a refugee or an asylee or is otherwise legally present in the United States at the time the person opens the person's individual development account; and
(4) a resident of New Mexico.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 58. Financial Institutions and Regulations § 58-30-4. Eligible individuals - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-58-financial-institutions-and-regulations/nm-st-sect-58-30-4/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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