A. The “individual development account council” is created. The council shall: (1)     provide oversight of the administration of the Individual Development Account Act;

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(2)     suggest possible changes that benefit account owners or improve the effectiveness of the individual development account programs throughout the state; and

(3)     obtain subject matter expertise through attendance at conferences and workshops related to proven and promising asset-building strategies.

B. The individual development account council shall meet at least two times in a calendar year to perform its duties.

C. The individual development account council shall consist of the lieutenant governor or the lieutenant governor’s designee and eight members appointed by the governor to represent the state geographically; provided that the members shall include representatives of a participating financial institution, a philanthropic institution, a community college and a nonprofit workforce entrepreneurial training provider and at least one representative from a nonprofit or educational institution providing financial coaching within a service area containing fewer than twenty thousand persons, as shown by the most recent decennial census. The secretary or the secretary’s designee shall serve as an ex-officio member of the council.

D. Appointed members of the individual development account council shall receive per diem and mileage pursuant to the Per Diem and Mileage Act N.M. Stat. Ann. § 10-8-1 to 10-8-8 for attendance at required meetings and at authorized conferences and workshops and shall receive no other compensation, perquisite or allowance for their participation on the council.

E. The department shall provide adequate staff support and administrative services for the individual development account council.