{"data":{"id":"us-nm/58-30-3","jurisdiction":"us-nm","citation":"58-30-3","heading":"Individual development accounts.","body":"An individual development account may be established for an eligible individual as part of an individual development account program if the written instrument creating the account sets forth the following:\nA. the account owner is an eligible individual according to program requirements at the time the account is established;\nB. the individual development account is established and maintained in an authorized financial institution;\nC. deposits to an individual development account shall be made in accordance with the rules adopted pursuant to the Individual Development Account Act;\nD. withdrawals from an individual development account shall only be made in accordance with the Individual Development Account Act for allowable uses;\nE. the matching amount that will be deposited in the reserve account for each dollar deposited by the account owner in the individual development account; and\nF. the financial institution in which an individual development account is held shall not be liable for withdrawals made for uses other than allowable uses.","path":["Chapter 58 - Financial Institutions and Regulations","ARTICLE 30 Individual Development Account"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18561/index.do","current_through":"2025-01-07","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"183741b57b48de84133f9581b98273ba5856a54d73185a7ebf55fba55d7518b0","source_id":"us-nm","stale":false,"prev":"us-nm/58-30-2","next":"us-nm/58-30-4"},"notice":"GroundRules: Original legal text. Not legal advice."}