Section 58-30-10 - Termination of individual development account programs. - New Mexico Statutes

58-30-10. Termination of individual development account programs.

A.     An individual development account program shall be terminated if the: 

(1)     office determines that the program is not being operated pursuant to the provisions of the contract between the program administrator and the director, the Individual Development Account Act [58-30-1 NMSA 1978] or rules adopted pursuant to that act;

(2)     provider of the program no longer retains its status as a program administrator; or

(3)  program administrator chooses to cease providing an individual development account program.

B.     Upon termination of an individual development account program, the director shall administer the program until a qualified program administrator is selected to administer the program.  If, after a reasonable period, the director is unable to identify and certify a program administrator to assume the authority to continue to operate a terminated individual development account program, money in a reserve account 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.