New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 46 - NEW JERSEY INDIVIDUAL DEVELOPMENT ACCOUNT PROGRAM RULES
Subchapter 1 - GENERAL PROVISIONS
Section 5:46-1.4 - Trust accounts for individuals

Universal Citation: NJ Admin Code 5:46-1.4

Current through Register Vol. 56, No. 18, September 16, 2024

(a) A community-based organization participating in the Program shall maintain a separate trust account in a financial institution as defined by the Multiple Party Deposit Account Act, P.L. 1979, c.491, N.J.S.A 17:16I-1 et seq. The trust account shall be an interest-bearing savings instrument bearing rates and fees at least as favorable to the depositor as the best terms available to other customers with similar accounts at each participating financial institution.

(b) To the extent that available funding, including funding from both public and non-public sources, may allow, the match rate shall be at least one dollar for each dollar deposited by the account holder into a supervised savings account.

1. Matching trust account deposits shall only be made for income earned by the individual and not deposited by any third party.

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