Nevada Revised Statutes 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:
Terms Used In Nevada Revised Statutes 422A.497
- Fiduciary: A trustee, executor, or administrator.
- Oversight: Committee review of the activities of a Federal agency or program.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(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.