Chapter 58, Article 30 NMSA 1978 may be cited as the “Individual Development Account Act”. History: Laws 2003, ch. 362, § 1; 2006, ch. 96, § 1; 2007, ch. 349, § 1. ANNOTATIONS The 2007 amendment, effective July 1, 2007, changes the title of the act. The 2006 amendment, effective July 1, 2006, changes the […]
A. An individual development account program shall be terminated if the: (1) department determines that the program is not being operated pursuant to the provisions of the contract between the program administrator and the secretary, the Individual Development Account Act or rules adopted pursuant to that act; (2) provider of the program no longer retains […]
A program administrator operating an individual development account program pursuant to the Individual Development Account Act shall report at least annually to the secretary, as set forth in the rules of the department. Individual account owners shall not be identified in the report. The report shall include: A. the number of eligible individuals making contributions […]
A. Money deposited into an individual development account, interest earned on that account and interest and matching funds deposited in a reserve account for the benefit of the account owners shall be disregarded for the purposes of determining eligibility for benefits and for determining benefit amounts pursuant to the New Mexico Works Act. B. When […]
The “individual development fund” is created in the state treasury. The fund shall consist of appropriations, gifts, grants, donations and bequests made to the fund. Income from the fund shall be credited to the fund, and money in the fund shall not be transferred to any other fund at the end of a fiscal year. […]
As used in the Individual Development Account Act: A. “account owner” means the person in whose name an individual development account is originally established; B. “allowable use” means a lawful use that complies with the provisions of the Individual Development Account Act, or rules adopted pursuant to that act; C. “authorized financial institution” means a […]
An individual development account may be established for an eligible individual as part of an individual development account program if the written instrument creating the account sets forth the following: A. the account owner is an eligible individual according to program requirements at the time the account is established; B. the individual development account is […]
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 […]
A. The department shall adopt rules implementing the provisions of the Individual Development Account Act. B. The secretary shall make an annual report each November to the governor and to the legislative finance committee. C. The department shall use no more than five percent of the money appropriated to fund the Individual Development Account Act […]
A. The “individual development account council” is created. The council shall: (1) provide oversight of the administration of the Individual Development Account Act; (2) suggest possible changes that benefit account owners or improve the effectiveness of the individual development account programs throughout the state; and (3) obtain subject matter expertise through attendance at conferences and […]
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 […]
A. Allowable uses of the money withdrawn from an individual development account are limited to the following: (1) expenses to attend an approved post- secondary or vocational educational institution, including payment for tuition, books, supplies and equipment required for courses; (2) costs to acquire or construct a principal residence as defined in rules adopted pursuant […]
A. The department shall issue a request for proposals from nonprofit organizations or tribes interested in establishing an individual development account program. A proposal submitted in response to the request shall: (1) describe the geographic area to be served and the potential individuals who will be assisted by the program; (2) state the amount, if […]
