Nevada § 422A.493 - Establishment of individual development account by qualified person; qualifications to become account holder; requirements for certain account holders and fiduciary organizations

§ 422A.493. Establishment of individual development account by qualified person; qualifications to become account holder; requirements for certain account holders and fiduciary organizations

1. Except as otherwise provided in subsection 6, a person who qualifies to become

an account holder pursuant to subsection 2 may, if the Individual Development Account

Program is established and sufficient money is available, establish an individual

development account pursuant to NRS 422A.487 to 422A.497 , inclusive. 2. To qualify to become an account holder, a person must be: (a) A resident of this State; (b) Twelve years of age or older; and (c) At least one of the following: (1) A tenant of a housing project operated by: (I) A local housing authority pursuant to NRS 315.140 to 315.7813 , inclusive; (II) The Nevada Rural Housing Authority pursuant to NRS 315.961 to 315.99874 , inclusive; or (III) A nonprofit organization which primarily provides affordable housing developments

that are financed, wholly or in part, with low-income housing tax credits, private

activity bonds or money from a governmental entity for affordable housing, including,

without limitation, money received pursuant to the HOME Investment Partnerships Act, 42 U.S.C. §§ 12701 et seq. ; (2) A recipient of Medicaid; (3) A provider of foster care who establishes an individual development account for

a child placed in the care of the provider of foster care pursuant to NRS 424.088 ; or (4) A relative or a fictive kin with whom a child is placed pursuant to paragraph

(b) of subsection 6 of NRS 432B.390 who establishes an individual development account for the child pursuant to NRS 432B.645 . 3. To establish an individual development account pursuant to subsection 1, the account

holder and a fiduciary organization must enter into an agreement wherein the account

holder deposits funds into a financial institution in this State and the fiduciary

organization deposits matching funds into the financial institution in this State

pursuant to NRS 422A.495 with the goal of enabling the account holder to accumulate assets for use toward

achieving a specific purpose authorized by the fiduciary organization pursuant to NRS 422A.494 . 4. Except for a provider of foster care or a relative or fictive kin with whom a child

is placed pursuant to paragraph (b) of subsection 6 of NRS 432B.390 or for a child for whom an individual development account is established by a provider

of foster care or such a relative or fictive kin, every account holder, with support

from the fiduciary organization, shall develop a personal development plan to increase

the financial independence of the account holder and the household of the account

holder through achievement of the authorized purpose of the individual development

account. The account holder shall specify in the personal development plan the purpose for

the use of the money in the individual development account. Such purposes must comply with NRS 422A.494 . In providing support to an account holder, the fiduciary organization shall ensure

that: (a) Instruction in financial literacy is provided to the account holder; and (b) Mentorship or financial coaching services are provided to the account holder. 5. The fiduciary organization may contract for the services of an independent contractor

to provide the instruction and mentorship or financial coaching services required

pursuant to subsection 4. 6. A fiduciary organization shall refuse to allow a person who qualifies to become

an account holder pursuant to subsection 2 to establish an individual development

account if establishment of the individual development account would result in the

members of the household of the person, as defined in NRS 422A.494 , having more than two individual development accounts. 7. As used in this section, “ local housing authority ” means an authority as defined in NRS 315.170 .