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A. An individual development account may be established for an eligible individual; provided that the money deposited in the account is expended for allowable uses for the account owner or the account owner's spouse or dependents unless otherwise approved by the program administrator.
B. An individual development account program shall be approved and monitored by the secretary for compliance with applicable law, the Individual Development Account Act and rules adopted pursuant to that act.
C. The program administrator shall establish a reserve account sufficient to meet the matching fund commitments made to all account owners participating in the individual development account program and shall report at least quarterly to each account owner the amount of money available in the reserve account for use by the program administrator to match withdrawals for allowable uses. The amount of state funds deposited in a reserve account during a calendar year to match deposits from any single account owner shall not exceed the higher of:
(1) two thousand dollars ($2,000); or
(2) an amount determined by rule; provided that the cumulative reserve account deposits shall total not less than one hundred twenty-five percent of the prior calendar year match to deposits beginning in the second year of the individual development account program; and further provided that the state shall match deposits of every account owner dollar-for-dollar up to two thousand dollars ($2,000) in a calendar year.
D. The program administrator shall provide financial education, including financial coaching and other necessary guidance and electronic reminders to encourage deposits and to achieve goals of allowable uses by account owners, develop partnerships with financial institutions, distribute matching funds and manage the operations of an individual development account that is established within the program.
E. An eligible individual may open an individual development account upon verification by the program administrator that the individual maintains no other individual development account.
F. More than one eligible individual per household may hold an individual development account.
G. An account owner shall complete a tested financial education program, including financial coaching, prior to the withdrawal of money from the account owner's individual development account for allowable uses unless written approval is obtained from the program administrator.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 58. Financial Institutions and Regulations § 58-30-7. Administration of individual development account programs - last updated May 06, 2021 | https://codes.findlaw.com/nm/chapter-58-financial-institutions-and-regulations/nm-st-sect-58-30-7/
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