New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 79 - INDIVIDUAL DEVELOPMENT ACCOUNTS
Part 1 - GENERAL PROVISIONS
Section 2.79.1.8 - RESPONSIBILITIES OF THE DIVISION

A. Annually, based on the availability of state funds including administrative costs of program administrators, the division shall solicit requests for proposals from non-profit organizations or tribes interested in establishing or further developing an individual development account program.

B. The director shall determine if the entity is eligible to be a program administrator under the act and these rules. Individual development account programs and program administrators are subject to review and approval by the director.

C. Prior to receiving funds pursuant to the act, an individual development account program and program administrator shall be approved the director.

D. The director shall monitor all individual development account programs and program administrators subject to the act and these rules and consult with the regional planning and development councils (COGs/EDDs) on program implementation as needed to ensure that account owners' accounts and the reserve fund accounts are being operated according to federal law, the provisions of the act and these rules.

E. Each November, the division shall provide a report of the activities under the act to the governor and to an appropriate interim committee of the legislature.

F. The division shall provide staff support and administrative services for the individual development account advisory committee in accordance with the act.