A program administrator operating an individual development account program pursuant to the Individual Development Account Act shall report at least annually to the director, as set forth in the rules of the office. Individual account owners shall not be identified in the report. The report shall include:

A. the number of eligible individuals making contributions to individual development accounts;

B. the total money contributed to each individual development account and deposited into each reserve account;

C. the total money in the aggregate deposited in individual development accounts and reserve accounts administered by the individual development account program;

D. the amounts withdrawn from individual development accounts for either allowable uses or for uses other than allowable uses and the amounts withdrawn from reserve accounts;

E. the balances remaining in individual development accounts and reserve accounts; and

F. other information requested by the director to monitor the costs and outcomes of the individual development account program.

History: Laws 2003, ch. 362, § 11; 2005, ch. 111, § 21; 2006, ch. 96, § 11; 2007, ch. 349, § 11.

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, changes "individual development account program" to "family opportunity accounts program", changes "Individual Development Account Act" to "Family Opportunity Accounts Act" and changes "individual development account" to "family opportunity account" in Subsections A through F.

The 2005 amendment, effective April 4, 2005, changes the reference from the local government division to the office of workforce training and development.