A. An individual development account program shall be terminated if the:
(1) department determines that the program is not being operated pursuant to the provisions of the contract between the program administrator and the secretary, the Individual Development Account Act 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 secretary shall administer the program until a qualified program administrator is selected to administer the program. If, after a reasonable period, the secretary 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.
History: Laws 2003, ch. 362, § 10; 2005, ch. 111, § 20; 2006, ch. 96, § 10; 2007, ch. 349, § 10; 2019, ch. 225, § 11.
ANNOTATIONSThe 2019 amendment, effective January 1, 2020, replaced "director of the office of workforce training and development" with "secretary of workforce solutions"; and replaced each occurrence of "director" with "secretary".
The 2007 amendment, effective July 1, 2007, changes the title of the act and changes "family opportunity account" to "individual development account".
The 2006 amendment, effective July 1, 2006, in Subsections A and B, changes "individual development account" to "family opportunity account"; in Subsection A, deletes reference to the Individual Development Account Act and adds the provision requiring termination of programs; and in Subsection B, provides for administration of the program upon termination.
The 2005 amendment, effective April 4, 2005, changes the reference from the local government division to the office of workforce training and development.