[§257-11]  Administration; evaluation;information; reporting.  (a)  The fiduciary organization running anindividual development account program shall have sole authority over theadministration of the project.  The State may prescribe only such regulationswith respect to demonstration projects under this chapter as are necessary toensure compliance pursuant to this chapter.

(b)  Each individual development accountprogram shall annually report the number of accounts, the amount of savings andmatches for each account, the uses of the account, and the number ofbusinesses, homes, and educations purchased, as well as other information asmay be required for responsible operation of the program.

(c)  The fiduciary organization shall submit tothe legislature its findings and recommendations no later than twenty daysprior to the convening of each legislative session.

(d)  Selected fiduciary organizations may useno more than ten per cent of state funds as appropriated under this [chapter]to cover administrative costs in any given year. [L 1999, c 160, pt of §25]