§ 54-64-05 — Withdrawal - Matching - Permissible uses

North Dakota § 54-64-05

• Jurisdiction: North Dakota
• Title 54: State Government
• Ch. 54-64: Individual Development Accounts

Text

1. To receive a match, a participating household must transfer funds withdrawn from the
household's individual development account to the household's matching fund
custodial account held by the community action agency, according to the individual
development account agreement. The community action agency shall determine if the
participating household's match request is for a permissible use consistent with the
household's individual development account agreement.
2. At least quarterly and at the time of an approved withdrawal, the community action
agency shall ensure the household's custodial account contains the applicable
matching funds to match the balance in the household's individual development
account, not including interest.
3. Matches must be provided as follows:
a. From matching funding provided under this chapter, a matching contribution of no
more than one dollar for every one dollar of funds withdrawn from the
household's individual development account, not to exceed a lifetime limit of two
thousand dollars; and
b. From nonstate funds, a matching contribution of no less than one dollar for every
one dollar of funds withdrawn from the household's individual development
account, not to exceed a lifetime limit of two thousand dollars.
4. Upon receipt of transferred custodial account funds, the community action agency
shall make a direct payment to the vendor of the goods or services for the permissible
use.