2019 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 30 - Individual Development Account
Section 58-30-5 - Responsibilities of the office.
A. The office shall adopt rules implementing the provisions of the Individual Development Account Act.
B. The director shall make an annual report each November to the governor and to the legislative finance committee.
C. The office shall use no more than five percent of the money appropriated to fund the Individual Development Account Act to administer that act.
History: Laws 2003, ch. 362, § 5; 2005, ch. 111, § 16; 2006, ch. 96, § 5 2007, ch. 349, § 5.
ANNOTATIONSThe 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.
