{"data":{"id":"us-ok/okla.-stat.-tit.-56-56-255","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 56, § 56-255","heading":"Contracts with fiduciary organizations - Evaluation","body":"criteria - Responsibilities - Grants.\n\nA. The Department of Human Services shall enter into contracts\n\nwith one or more fiduciary organizations pursuant to the provisions\n\nof this section, in such a manner that every qualified resident of\n\nthe state has access to at least one fiduciary organization for the\n\npurpose of opening an individual development account. An\n\norganization based in this state which desires to enter into such a\n\ncontract shall submit a proposal to the Department for the right to\n\nbe approved as a fiduciary organization. Such proposals shall be\n\nmade upon forms prescribed by the Department and shall contain such\n\ninformation as the Department may require.\n\nB. Organizations' proposals shall be evaluated and contracts\n\nawarded by the Department on the basis of such items as geographic\n\ndiversity and an organization's:\n\n1. Ability to market the project to potential account holders;\n\n2. Ability to leverage additional matching and operating funds;\n\n3. Ability to provide safe and secure investments for\n\nindividual accounts;\n\n4. Overall administrative capacity, including but not limited\n\nto the certifications or verifications required to assure compliance\n\nwith eligibility requirements, authorized uses of the accounts,\n\nmatching contributions by individuals or businesses, and penalties\n\nfor unauthorized distributions;\n\n5. Capacity to provide financial counseling and other related\n\nservice to potential participants;\n\n6. Links to other activities designed to increase the\n\nindependence of individuals and families through home ownership,\n\nsmall business development, enhanced education and training, saving\n\nfor retirement, and automobile purchase; and\n\n7. Operating costs.\n\nResponsibilities of a fiduciary organization shall include, but\n\nnot be limited to, marketing participation, soliciting matching\n\ncontributions, counseling project participants, conducting basic\n\neconomic and financial literacy training and IDA use training for\n\nproject participants, and conducting required verification and\n\ncompliance activities. Neither a fiduciary organization nor an\n\nemployee of or person associated with a fiduciary organization shall\n\nreceive anything of value, other than compensation for services, for\n\nany act performed in connection with the establishment of an IDA or\n\nin furtherance of the provisions of this act.\n\nC. For each contract entered into pursuant to the provisions of\n\nthis section, the Department shall make a grant to the qualified\n\nfiduciary organization not later than April 1 of each year. The\n\namount of any single grant made shall not exceed one-fourth of the\n\namount of funds in the IDA Revolving Fund created in Section 10 of\n\nthis act at the time the grant is made. The fiduciary organization\n\nshall use not less than eighty-five percent (85%) for matching funds\n\nand not more than fifteen percent (15%) for operating costs.","path":["OK Code","Title 56"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os56.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a829d84675982fe8bfc9b78c36d7558841ed3c9ce642757b509276896584528b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-56-56-254","next":"us-ok/okla.-stat.-tit.-56-56-256"},"notice":"GroundRules: Original legal text. Not legal advice."}