Oklahoma § 56-256 - Individual development account (IDA) - Matching funds

§ 56-256. Individual development account (IDA) - Matching funds

A. An individual who is a resident of this state may submit an

application to open an individual development account to a fiduciary

organization approved by the Department of Human Services pursuant

to the provisions of Section 5 of this act. Such application shall

be made upon a form prescribed by the Department. The fiduciary

organization shall approve the application only if the individual

has gross household income from all sources for the calendar year

Oklahoma Statutes - Title 56. Poor Persons

preceding the year in which the application is made which does not

exceed two hundred percent (200%) of the federal poverty level.

B. An individual opening an IDA shall be required to enter into

an IDA agreement with the fiduciary organization. Not more than one

individual from a single household may open an IDA.

C. The fiduciary organization shall be responsible for

coordinating arrangements between the individual and a financial

institution to open the individual's IDA.

D. Each fiduciary organization shall provide written

notification to each of its eligible IDA account holders of the

amount of matching funds provided by the Department pursuant to the

provisions of subsection C of Section 5 of this act to which each

such IDA account holder is entitled. Such notification shall be

made at such intervals as the fiduciary organization deems

appropriate, but shall be required to be made at least once each

calendar year. The amount of such matching funds for each IDA

account holder shall be as follows:

1. For an IDA account holder who had gross household income

from all sources for the preceding calendar year less than or equal

to one hundred percent (100%) of the federal poverty level, One

Dollar ($1.00) for each dollar contributed to the IDA by the IDA

account holder during the preceding calendar year. The amount of

such matching funds shall not exceed Five Hundred Dollars ($500.00)

per IDA account holder per year;

2. For an IDA account holder who had gross household income

from all sources for the preceding calendar year of more than one

hundred percent (100%) of the federal poverty level but less than or

equal to one hundred fifty percent (150%) of the federal poverty

level, seventy-five cents ($0.75) for each dollar contributed to the

IDA by the IDA account holder during the preceding calendar year.

The amount of such matching funds shall not exceed Five Hundred

Dollars ($500.00) per IDA account holder per year; and

3. For an IDA account holder who had gross household income

from all sources for the preceding calendar year of more than one

hundred fifty percent (150%) of the federal poverty level but less

than or equal to two hundred percent (200%) of the federal poverty

level, fifty cents ($0.50) for each dollar contributed to the IDA by

the IDA account holder during the preceding calendar year. The

amount of such matching funds shall not exceed Five Hundred Dollars

($500.00) per IDA account holder per year.

If the amount provided by the Department pursuant to the

provisions of subsection C of Section 5 of this act is insufficient

to disburse the maximum amounts specified in this subsection,

amounts of disbursements shall be reduced proportionally based upon

available funds. If the amount provided by the Department pursuant

to the provisions of subsection C of Section 5 of this act is in

excess of the amount required to disburse the maximum amounts

Oklahoma Statutes - Title 56. Poor Persons

specified in this subsection, such excess funds shall be returned to

the Department and deposited to the Individual Development Account

Revolving Fund created pursuant to the provisions of Section 10 of

this act.

Nothing in this subsection shall be construed to prohibit or

limit a fiduciary organization from providing matching funds from

sources other than the Department to its IDA account holder on such

terms and under such conditions as it deems appropriate.

E. If an IDA account holder has gross household income from all

sources for a calendar year which exceeds two hundred percent (200%)

of the federal poverty level, the IDA account holder shall not be

eligible to receive funds pursuant to the provisions of subsection D

of this section in the following year.

Added by Laws 1998, c. 429, § 6, eff. Nov. 1, 1998.