New Jersey § 44:10-88
Full text of New Jersey New Jersey Statutes § 44:10-88, with citation guidance and answers to common questions.
§ 44:10-88.
As used in this act: “ Account holder ” means a person who is the owner of an individual development account. “ Commissioner ” means the Commissioner of Community Affairs. “ Community-based organization ” means a not-for-profit organization described in section 501(c)(3) of the Internal Revenue Code of 1986 ( 26 U.S.C. s.501(c)(3) ) and exempt from taxation under section 501(a) of the Internal Revenue Code of 1986 ( 26 U.S.C. s.501 (a) ), that is approved by the commissioner to implement the New Jersey Individual Development
Account Program established under this act. “ Department ” means the Department of Community Affairs. “ Economic literacy ” means a basic understanding of budgets and savings accounts, credit and interest
and how to use financial services; and having a savings plan and using it to reach
the account holder's savings goal for an individual development account. “ Eligible individual ” means an adult with an annual household gross income up to a maximum of 250 percent of the official poverty level. “ Financial institution ” means a state or federally chartered bank, savings bank, savings and loan association
or credit union with an office in this State. “ Fund ” means the Individual Development Account Fund established pursuant to 42 U.S.C. s.604(h) and 45 C.F.R. Part 263 ( 45 C.F.R. s.263.0 et seq. ). “ Individual development account ” means an account established pursuant to 42 U.S.C. s.604(h) and 45 C.F.R. Part 263 ( 45 C.F.R. s.263.0 et seq. ) in trust for an eligible individual that is a trust account pursuant to the “Multiple-party
Deposit Account Act,” P.L.1979, c. 491 ( C.17:16I-1 et seq. ). “ Program ” means the New Jersey Individual Development Account Program established pursuant
to the provisions of this act. “ Program contributor ” means a person or entity who makes a contribution to an individual development account
reserve fund, except that “program contributor” does not mean the account holder. “ Reserve fund ” means the individual development account reserve fund created by a community-based
organization for the purposes of: funding the costs incurred in the administration
of the program; receiving matching funds from the State; and providing matching
funds for individual development accounts pursuant to section 5 of this act.
Frequently Asked Questions About New Jersey § 44:10-88
What does New Jersey Statutes § 44:10-88 cover?
Section 44:10-88 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 44:10-88?
A common citation format is "New Jersey Statutes § 44:10-88" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 44:10-88 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.