[§257-11]  Administration; evaluation;
information; reporting.  (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.



(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. [L 1999, c 160, pt of §25]