56-1101. DEFINITIONS. As used in this chapter, unless the context requires otherwise: (1) "Account holder" means a member of a low-income household who is the named depositor of an individual development account. (2) "Board" means the individual development account advisory board as established pursuant to the provisions of this chapter. (3) "Fiduciary organization" means a […]
56-1102. LEGISLATIVE FINDINGS. The legislature finds that: (1) The problem of poverty will not be solved solely by government programs and income subsidies. (2) It is in the best interest of all Idahoans to structure incentives in a way that will result in a greater likelihood that low-income and working-poor individuals will attain self-sufficiency. (3) […]
56-1103. PERSONS QUALIFYING AS ACCOUNT HOLDERS. (1) A person who qualifies to become an account holder may enter into an agreement with a fiduciary organization for the establishment of an individual development account. (2) A person is qualified to become an account holder if the person is a member of a low-income household. (3) A […]
56-1104. APPROVED PURPOSE OF ACCOUNT — EMERGENCY WITHDRAWAL — REMOVAL OF ACCOUNT HOLDER FROM PROGRAM. (1) A person may establish an individual development account only for a purpose approved by a fiduciary organization. Disbursements from an account for an approved purpose shall be made directly by the fiduciary organization on behalf of the account holder […]
56-1105. REQUIRED ACCOUNT FEATURES — MATCHING MONEYS. (1) The fiduciary organization shall structure the accounts to have the following features: (a) The fiduciary organization matches amounts deposited by the account holder according to a formula established by the fiduciary organization. The fiduciary organization shall deposit not less than one dollar ($1.00) nor more than five […]
56-1106. INDIVIDUAL DEVELOPMENT ACCOUNT ADVISORY BOARD — POWERS AND DUTIES. There is hereby created the individual development account advisory board. The board shall consist of the administrator of the division of financial management or his designee who shall serve as chair, the director of the department of finance or designee, the director of the department […]
56-1107. FIDUCIARY ORGANIZATIONS — AUTHORITY AND DUTIES. (1) Subject to rules of the individual development account advisory board, a fiduciary organization has sole authority over, and responsibility for, the administration of individual development accounts. The responsibility of the fiduciary organization extends to all aspects of the account program, including marketing to participants, soliciting matching contributions, […]
56-1108. PUBLIC ASSISTANCE — ELIGIBILITY DETERMINATION. Moneys in an individual development account established pursuant to the provisions of this chapter, or moneys withdrawn from an individual development account on behalf of an account holder for an approved purpose, shall not be counted as an asset of the account holder for the purpose of eligibility determination […]
