New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 46 - NEW JERSEY INDIVIDUAL DEVELOPMENT ACCOUNT PROGRAM RULES
Subchapter 1 - GENERAL PROVISIONS
Section 5:46-1.6 - Time limitations
Universal Citation: NJ Admin Code 5:46-1.6
Current through Register Vol. 56, No. 6, March 18, 2024
(a) An account holder who wishes to withdraw money from a supervised savings account and receive matching funds from the matching trust account shall give to the community-based organization serving as trustee not less than 30 days advanced notice of intent to make such withdrawal.
(b) In order to be eligible to withdraw funds from the supervised savings account and receive matching funds from the trust account, an account holder must first maintain the supervised savings account until he or she satisfactorily completes the financial education course and asset-specific training program.
1. The Department may, at its discretion, set specific criteria governing withdrawal of funds from the supervised savings account and receipt of matching funds prior to the satisfactory completion of the financial education course and asset-specific training program to allow an account holder to attain an asset-specific goal.
(c) Matching funds may be earned for a period not to exceed 36 months.
1. The Department may, at its discretion, extend the maximum length of time an account holder may participate in the program to accommodate the needs of special populations and/or extraordinary circumstances.
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