1.  If the Individual Development Account Program is established, the State Treasurer must provide money obtained pursuant to NRS 422A.492 to fiduciary organizations for the purpose of funding matching payments by fiduciary organizations pursuant to subsection 2. A fiduciary organization may accept and solicit additional gifts, grants and donations for the Program. A fiduciary organization shall notify the State Treasurer of any such gifts, grants or donations received.

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Terms Used In Nevada Revised Statutes 422A.495

  • Fiduciary: A trustee, executor, or administrator.

2.  A fiduciary organization shall match amounts deposited by the account holder according to a formula established by the fiduciary organization and approved by the State Treasurer. The fiduciary organization shall match and maintain on deposit in the individual development account not more than $5 for each $1 deposited by the account holder in his or her individual development account.

3.  The fiduciary organization shall deposit the matching deposits made by the fiduciary organization pursuant to subsection 2 in a savings account that is:

(a) Jointly held by the account holder and the fiduciary organization that requires the signatures of both for withdrawals; or

(b) Controlled by the fiduciary organization and is separate from the savings account of the account holder.

4.  Account holders shall not accrue more than $3,000 of matching funds under subsection 2 in any 12-month period. A fiduciary organization may designate a lesser amount as a limit on matching funds made in any 12-month period.

5.  A fiduciary organization shall maintain on deposit sufficient funds to cover the agreements to match the amounts deposited by the account holder for all individual development accounts administered by the fiduciary organization.

6.  A fiduciary organization shall not expend more than 5 percent of the total amount of money accepted from the State Treasurer pursuant to subsection 1 to pay for its administrative expenses.

7.  The State Treasurer may adopt regulations to establish a maximum total amount of money that may be deposited as matching funds into an individual development account.