Section 6. Objective

The Individual Development Account Act (Sections 58-30-1 through 58-30-12 NMSA 1978; being Laws 2003, Chapter 362) established a structure to provide oversight to individual development account programs in New Mexico funded through the act. These rules are designed to: A. identify and promote quality individual development account initiatives throughout the state while encouraging innovation and diversity; B. ensure accountability of account owners, account programs, program administrators as well as other stakeholders; and C. provide standards of eligibility and program administration for individual development account programs in New Mexico.