Nevada § 422A.497 - Responsibilities and authorized activities of fiduciary organization; regulations

§ 422A.497. Responsibilities and authorized activities of fiduciary organization; regulations

1. Subject to any regulations adopted by the State Treasurer and the oversight of

the Nevada Statewide Council of Financial Independence, a fiduciary organization has

authority over, and responsibility for, the administration of individual development

accounts. The responsibility of the fiduciary organization extends to: (a) Marketing to participants; (b) Soliciting any additional matching funds pursuant to NRS 422A.495 and notifying the State Treasurer upon receipt of such funds; (c) Mentoring or counseling account holders; (d) Providing instruction in financial literacy; and (e) Conducting activities to ensure that an account holder is complying with NRS 422A.487 to 422A.497 , inclusive, and any regulations adopted pursuant thereto. 2. A fiduciary organization may establish such guidelines for the Program as the fiduciary

organization determines to be necessary to ensure that an account holder complies

with NRS 422A.493 and 422A.494 . 3. A fiduciary organization may act in partnership with other entities, including,

without limitation, businesses, government agencies, nonprofit organizations, community

development corporations, community action programs, housing authorities and charitable

or religious organizations, to assist in fulfilling its responsibilities under NRS 422A.487 to 422A.497 , inclusive. 4. On or before February 15 of each year, a fiduciary organization selected to administer

any money pursuant to NRS 422A.496 shall: (a) Prepare a report setting forth: (1) The number of individual development accounts administered by the fiduciary organization; (2) The amount of deposits and matching deposits made for each individual development

account; (3) The purpose of each individual development account; (4) The number of withdrawals made from each individual development account; and (5) Any other information the State Treasurer determines to be relevant; and (b) Submit a copy of the reports to the State Treasurer. 5. The State Treasurer may adopt regulations to carry out the provisions of NRS 422A.487 to 422A.497 , inclusive, including, without limitation, regulations governing fees charged by

fiduciary organizations in relation to the administration of individual development

accounts.