(a) The fiduciary organization running an individual development account program shall have sole authority over the administration of the project. The State may prescribe only such regulations with respect to demonstration projects under this chapter as are necessary to ensure compliance pursuant to this chapter.

Terms Used In Hawaii Revised Statutes 257-11

  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary organization: means an organization that serves as an intermediary between an individual account holder and the financial institution holding the individual's individual development account funds. See Hawaii Revised Statutes 257-1
  • Individual development account: means an optional, interest bearing, subsidized, tax-benefitted account used exclusively for the purpose of paying the qualified expenditure of an eligible individual as determined by the fiduciary organization. See Hawaii Revised Statutes 257-1
  • Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
(b) Each individual development account program shall annually report the number of accounts, the amount of savings and matches for each account, the uses of the account, and the number of businesses, homes, and educations purchased, as well as other information as may be required for responsible operation of the program.
(c) The fiduciary organization shall submit to the legislature its findings and recommendations no later than twenty days prior to the convening of each legislative session.
(d) Selected fiduciary organizations may use no more than ten per cent of state funds as appropriated under this [chapter] to cover administrative costs in any given year.

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