A. Except as set forth in Subsections B and C of this section, an eligible individual shall have earned income and shall be:
(1) eighteen years of age or older;
(2) a citizen, legal resident, refugee, asylee or person otherwise legally present in the United States at the time the person opens the person's individual development account;
(3) a resident of New Mexico; and
(4) an indigent.
B. A child in foster care is an eligible individual if the child is:
(1) fifteen years of age or older;
(2) an indigent;
(3) a citizen, a legal resident, a refugee or an asylee or is otherwise legally present in the United States at the time the person opens the person's individual development account; and
(4) a resident of New Mexico.
C. A child is an eligible individual if the child is:
(1) at least fifteen years of age and not more than eighteen years of age;
(2) a member of a family whose members are all indigents;
(3) a citizen, a legal resident, a refugee or an asylee or is otherwise legally present in the United States at the time the person opens the person's individual development account; and
(4) a resident of New Mexico.
History: Laws 2003, ch. 362, § 4; 2006, ch. 96, § 4; 2007, ch. 349, § 4; 2019, ch. 225, § 5.
ANNOTATIONSCross references. — For the definition of "indigent", see 58-30-2 NMSA 1978.
The 2019 amendment, effective January 1, 2020, included refugees, asylees, and others legally present in the United States as individuals eligible to participate in an individual development account program; in Subsection A, in Paragraph A(2), after "legal resident,", deleted "of" and added "refugee, asylee or person otherwise legally present in", and after "United States", added "at the time the person opens the person's individual development account"; in Subsection B, Paragraph B(3), after "legal resident,", deleted "of the United States" and added "a refugee or an asylee or is otherwise legally present in the United States at the time the person opens the person's individual development account", and in Subsection C, Paragraph C(3), after "legal resident", deleted "of the United States" and added "a refugee or an asylee or is otherwise legally present in the United States at the time the person opens the person's individual development account".
The 2007 amendment, effective July 1, 2007, changes the age of a child in foster care who is an eligible individual from sixteen to fifteen years of age and adds Subsection C.
The 2006 amendment, effective July 1, 2006, replaces the federal poverty guidelines with "indigent" and in Paragraph (2) of Subsection B, replaces the federal poverty guidelines with "indigent".