Section 15. Reporting Requirements Of Program Administrators

A program administrator whose individual development account program is approved by the director shall report to the division no later than November 1st of each year. The report shall not identify individual account owners and shall include, but not be limited to: A. the number of individual development accounts established, by savings objective, and their status; B. verification that deposits are being made by the account owners pursuant to the approved savings plans; C. the balance and sources of funding in the program administrator's local reserve fund; 2.79.1 NMAC 7 D. the total money in the aggregate deposited in individual development accounts and reserve accounts administered by the program administrator; E. the amounts withdrawn from individual development accounts for either allowable uses or for uses other than allowable uses; F. the projected balance of savings to be deposited by account owners, by quarter, in order to complete their savings goal; G. levels of participation in financial literacy education courses differentiating between individual development account participants and the general public; and H. other information requested by the director to monitor the costs and outcomes of the individual development account program. [2.79.1.15 NMAC - N, 04/29/2005] 2.79.1.16 TERMINATION OF INDIVIDUAL DEVELOPMENT ACCOUNT PROGRAMS APPROVED UNDER THE ACT: 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 t 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.