Okla. Stat. tit. 56, § 56-255: Contracts with fiduciary organizations - Evaluation

criteria - Responsibilities - Grants.

A. The Department of Human Services shall enter into contracts

with one or more fiduciary organizations pursuant to the provisions

of this section, in such a manner that every qualified resident of

the state has access to at least one fiduciary organization for the

purpose of opening an individual development account. An

organization based in this state which desires to enter into such a

contract shall submit a proposal to the Department for the right to

be approved as a fiduciary organization. Such proposals shall be

made upon forms prescribed by the Department and shall contain such

information as the Department may require.

B. Organizations' proposals shall be evaluated and contracts

awarded by the Department on the basis of such items as geographic

diversity and an organization's:

1. Ability to market the project to potential account holders;

2. Ability to leverage additional matching and operating funds;

3. Ability to provide safe and secure investments for

individual accounts;

4. Overall administrative capacity, including but not limited

to the certifications or verifications required to assure compliance

with eligibility requirements, authorized uses of the accounts,

matching contributions by individuals or businesses, and penalties

for unauthorized distributions;

5. Capacity to provide financial counseling and other related

service to potential participants;

6. Links to other activities designed to increase the

independence of individuals and families through home ownership,

small business development, enhanced education and training, saving

for retirement, and automobile purchase; and

7. Operating costs.

Responsibilities of a fiduciary organization shall include, but

not be limited to, marketing participation, soliciting matching

contributions, counseling project participants, conducting basic

economic and financial literacy training and IDA use training for

project participants, and conducting required verification and

compliance activities. Neither a fiduciary organization nor an

employee of or person associated with a fiduciary organization shall

receive anything of value, other than compensation for services, for

any act performed in connection with the establishment of an IDA or

in furtherance of the provisions of this act.

C. For each contract entered into pursuant to the provisions of

this section, the Department shall make a grant to the qualified

fiduciary organization not later than April 1 of each year. The

amount of any single grant made shall not exceed one-fourth of the

amount of funds in the IDA Revolving Fund created in Section 10 of

this act at the time the grant is made. The fiduciary organization

shall use not less than eighty-five percent (85%) for matching funds

and not more than fifteen percent (15%) for operating costs.