{"data":{"id":"us-ok/okla.-stat.-tit.-56-56-256","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 56, § 56-256","heading":"Individual development account (IDA) - Matching funds","body":"A. An individual who is a resident of this state may submit an\n\napplication to open an individual development account to a fiduciary\n\norganization approved by the Department of Human Services pursuant\n\nto the provisions of Section 5 of this act. Such application shall\n\nbe made upon a form prescribed by the Department. The fiduciary\n\norganization shall approve the application only if the individual\n\nhas gross household income from all sources for the calendar year\n\npreceding the year in which the application is made which does not\n\nexceed two hundred percent (200%) of the federal poverty level.\n\nB. An individual opening an IDA shall be required to enter into\n\nan IDA agreement with the fiduciary organization. Not more than one\n\nindividual from a single household may open an IDA.\n\nC. The fiduciary organization shall be responsible for\n\ncoordinating arrangements between the individual and a financial\n\ninstitution to open the individual's IDA.\n\nD. Each fiduciary organization shall provide written\n\nnotification to each of its eligible IDA account holders of the\n\namount of matching funds provided by the Department pursuant to the\n\nprovisions of subsection C of Section 5 of this act to which each\n\nsuch IDA account holder is entitled. Such notification shall be\n\nmade at such intervals as the fiduciary organization deems\n\nappropriate, but shall be required to be made at least once each\n\ncalendar year. The amount of such matching funds for each IDA\n\naccount holder shall be as follows:\n\n1. For an IDA account holder who had gross household income\n\nfrom all sources for the preceding calendar year less than or equal\n\nto one hundred percent (100%) of the federal poverty level, One\n\nDollar ($1.00) for each dollar contributed to the IDA by the IDA\n\naccount holder during the preceding calendar year. The amount of\n\nsuch matching funds shall not exceed Five Hundred Dollars ($500.00)\n\nper IDA account holder per year;\n\n2. For an IDA account holder who had gross household income\n\nfrom all sources for the preceding calendar year of more than one\n\nhundred percent (100%) of the federal poverty level but less than or\n\nequal to one hundred fifty percent (150%) of the federal poverty\n\nlevel, seventy-five cents ($0.75) for each dollar contributed to the\n\nIDA by the IDA account holder during the preceding calendar year.\n\nThe amount of such matching funds shall not exceed Five Hundred\n\nDollars ($500.00) per IDA account holder per year; and\n\n3. For an IDA account holder who had gross household income\n\nfrom all sources for the preceding calendar year of more than one\n\nhundred fifty percent (150%) of the federal poverty level but less\n\nthan or equal to two hundred percent (200%) of the federal poverty\n\nlevel, fifty cents ($0.50) for each dollar contributed to the IDA by\n\nthe IDA account holder during the preceding calendar year. The\n\namount of such matching funds shall not exceed Five Hundred Dollars\n\n($500.00) per IDA account holder per year.\n\nIf the amount provided by the Department pursuant to the\n\nprovisions of subsection C of Section 5 of this act is insufficient\n\nto disburse the maximum amounts specified in this subsection,\n\namounts of disbursements shall be reduced proportionally based upon\n\navailable funds. If the amount provided by the Department pursuant\n\nto the provisions of subsection C of Section 5 of this act is in\n\nexcess of the amount required to disburse the maximum amounts\n\nspecified in this subsection, such excess funds shall be returned to\n\nthe Department and deposited to the Individual Development Account\n\nRevolving Fund created pursuant to the provisions of Section 10 of\n\nthis act.\n\nNothing in this subsection shall be construed to prohibit or\n\nlimit a fiduciary organization from providing matching funds from\n\nsources other than the Department to its IDA account holder on such\n\nterms and under such conditions as it deems appropriate.\nhe Department and deposited to the Individual Development Account\n\nRevolving Fund created pursuant to the provisions of Section 10 of\n\nthis act.\n\nNothing in this subsection shall be construed to prohibit or\n\nlimit a fiduciary organization from providing matching funds from\n\nsources other than the Department to its IDA account holder on such\n\nterms and under such conditions as it deems appropriate.\n\nE. If an IDA account holder has gross household income from all\n\nsources for a calendar year which exceeds two hundred percent (200%)\n\nof the federal poverty level, the IDA account holder shall not be\n\neligible to receive funds pursuant to the provisions of subsection D\n\nof this section in the following year.","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":"695bbc7c094967e95aac41f421ce487ed8b2b891688a88aac0881ff8c09c1e94","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-56-56-255","next":"us-ok/okla.-stat.-tit.-56-56-257"},"notice":"GroundRules: Original legal text. Not legal advice."}