New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 46 - NEW JERSEY INDIVIDUAL DEVELOPMENT ACCOUNT PROGRAM RULES
Subchapter 1 - GENERAL PROVISIONS
Section 5:46-1.7 - Financial education

Universal Citation: NJ Admin Code 5:46-1.7

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

(a) Each account holder shall be required to satisfactorily complete a financial education course and an asset-specific training program in one of the three qualified areas under 5:46-1.5(d), sponsored by the participating community-based organization.

(b) Community-based organizations may use either their own staff or a qualified provider organization to teach financial education courses and asset-specific training programs to account holders.

(c) Upon being approved for funding by the Department, any qualified provider organization, or any community-based organization that wishes to use its own staff to teach financial education courses and asset-specific training programs, shall submit its proposed course and program to the Department for approval at least 60 days prior to the first session. The application for approval may be in letter form.

(d) Each application for course and program approval shall be submitted in the name of the organization by a person authorized by the governing board to do so and shall, at a minimum, contain the following information:

1. A description of the length of each session, the frequency of the sessions and the total number of sessions;

2. An outline of the course and program content, broken down by session;

3. A description of any materials or texts to be used;

4. A statement of the qualifications of the person(s) who will be teaching the course and program;

5. A statement of how often the course and program will be offered;

6. A statement that the organization will notify the Department if the course and program is withdrawn or changed in any way;

7. A statement that, if the course and program is taught by a qualified provider organization, it will inform the community-based organization whenever a participant withdraws from the training;

8. A statement that the organization will conduct the course and program in accordance with the Act, this chapter and any directives that the Department may issue pursuant thereto; and

9. A statement of any rules or requirements of the organization with which account holders must comply.

(e) Upon verification that a proposed course and program meets the requirements and intent of this chapter and of the Act, the Department shall issue a letter of approval to the organization that includes any terms and conditions of the approval. The approval shall only continue in effect so long as the course and program conforms to the application and to any terms and conditions imposed by the Department.

(f) The Department may revoke its approval, after notice and an opportunity to be heard, whenever it determines that a course and program does not conform to the requirements of the Act, of this chapter or of the terms and conditions of the approval.

(g) A for-profit organization shall not market its own products or services in the course of training, nor shall a trade organization market the products of a specific for-profit organization.

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