§ 58-30-5 NMSA 1978

Responsibilities of the department

Known as the Individual Development Account Act

The act spans §§ 58–58 (13 sections).

Laws 2003, ch. 362, § 5; 2005, ch. 111, § 16; 2006, ch. 96, § 5; 2007, ch. 349, § 5; 2019, ch. 225, § 6.

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 to administer that act, not including the costs of the program administrator.

D. A program administrator shall use no more than twelve percent of the funds allocated to the program administrator for implementation and administration of the program.

Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.