New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 79 - INDIVIDUAL DEVELOPMENT ACCOUNTS
Part 1 - GENERAL PROVISIONS
Section 2.79.1.16 - TERMINATION OF INDIVIDUAL DEVELOPMENT ACCOUNT PROGRAMS APPROVED UNDER THE ACT

Universal Citation: 2 NM Admin Code 2.79.1.16

Current through Register Vol. 35, No. 18, September 24, 2024

A. An individual development account program shall be terminated if:

(1) the division determines that the individual development account program or program administrator is not operating pursuant to the provisions of the Individual Development Account Act or these rules;

(2) the provider of the program no longer retains its status as a program administrator;

(3) the program administrator ceases to provide an individual development account program; or

(4) the division provides written notice to the program administrator.

B. If a program is terminated the division shall seek to transfer management of the terminated program to another qualified entity awarded a contract under previous RFP processes.

C. If the division is unable to identify and approve a program administrator to assume the authority to continue to operate a terminated individual development account program, money held in the terminated program administrator's reserve fund shall be deposited into the individual development accounts of the account owners for whom the proportionate share of the reserve account was established as of the first day of termination of the program.

D. If a program with active individual development accounts is terminated, the division shall assume the responsibilities of the program administrator until such time as a new program administrator is assigned to manage the individual development accounts of the account holders of a terminated program.

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