New Mexico Statutes
Article 30 - Individual Development Account
Section 58-30-5 - Responsibilities of the department.

A. The department shall adopt rules implementing the provisions of the Individual Development Account Act.
B. The secretary shall make an annual report each November to the governor and to the legislative finance committee.
C. The department shall use no more than five percent of the money appropriated to fund the Individual Development Account Act to administer that act, not including the costs of the program administrator.
D. A program administrator shall use no more than twelve percent of the funds allocated to the program administrator for implementation and administration of the program.
History: Laws 2003, ch. 362, § 5; 2005, ch. 111, § 16; 2006, ch. 96, § 5; 2007, ch. 349, § 5; 2019, ch. 225, § 6.
The 2019 amendment, effective January 1, 2020, established limits on administrative expenses available to a program administrator; in the heading, changed "office" to "department"; in Subsection C, after "administer that act", added "not including the costs of the program administrator"; and added Subsection D.
The 2007 amendment, effective July 1, 2007, changes the title of the act.
The 2006 amendment, effective July 1, 2006, in Subsection A, deletes the requirement that the director adopt rules by December 31 following the effective date of the act; in Subsection B, changes "an appropriate interim committee of the legislature" to "legislative finance committee"; and in Subsection C, changes "ten" to "five" and "Individual Development Account Act" to "Family Opportunity Accounts Act".
The 2005 amendment, effective April 4, 2005, changes references from the local government division to the office of workforce training and development.

Structure New Mexico Statutes