A. The "individual development account council" is created. The council shall:
(1) provide oversight of the administration of the Individual Development Account Act;
(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 [10-8-1 to 10-8-8 NMSA 1978] 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.
History: Laws 2003, ch. 362, § 6; 2005, ch. 111, § 17; 2006, ch. 96, § 6; 2007, ch. 349, § 6; 2019, ch. 225, § 7.
ANNOTATIONSThe 2019 amendment, effective January 1, 2020, established qualifications for members of the individual development account council; in Subsection A, Paragraph A(3), after "related to", added "proven and promising"; and in Subsection C, after "geographically", added "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".
Laws 2003, ch. 375, § 2, effective June 20, 2003, provides that there is created the "task force for financial independence", which shall function from the date of its appointment until December 1, 2004. The task force shall be composed of at least fifteen members and be chaired by the lieutenant governor. Members shall be appointed by the governor.
The 2007 amendment, effective July 1, 2007, changes the title of the act; changes "family opportunity account council" to "individual development account council"; adds Paragraph (3) of Subsection A; and provides that appointed members shall receive per diem and mileage for attendance at required meetings and authorized conferences and workshops.
The 2006 amendment, effective July 1, 2006, in Subsection A, deletes the creation of an advisory committee and creates the family opportunity accounts council; in Subsection A, changes "individual development account programs" to "Family Opportunity Accounts Act"; changes "advisory committee" to "family opportunity accounts council" in Subsections B, C and E; in Subsection B, deletes the provision that provided for the specific purpose of meetings; in Subsections C and D, changes "advisory committee" to "council"; and in Subsection D, deletes reference to members of the advisory committee who are account owners and adds the reference to appointed members of the family opportunity accounts council.
The 2005 amendment, effective April 4, 2005, changes the reference from the local government division to the office of workforce training and development.