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Can I collect bank account information from participants in New Mexico? What are the requirements?
Based on the provided context documents, it is not clear what type of participants you are referring to or the purpose for which you want to collect bank account information. However, it is important to note that any collection of personal information, including bank account information, is subject to privacy laws and regulations.
In New Mexico, the Data Breach Notification Act requires entities that collect personal information to implement reasonable security measures to protect that information and to notify affected individuals in the event of a data breach [58-15-1 NMSA]. Additionally, the New Mexico Uniform Money Services Act regulates the licensing and operation of money services businesses, which includes entities that engage in the business of transmitting money or selling or issuing payment instruments [58-15B-1 NMSA].
If you are collecting bank account information from participants as part of an individual development account program, the program must be approved by the New Mexico Department of Workforce Solutions [58-30-9 NMSA]. The program administrator must submit a proposal that describes the geographic area to be served, the potential individuals who will be assisted by the program, the amount of requested distributions of state money from the individual development fund, the source and amount of any private or other public funds that will be used to supplement the requested distributions from the individual development fund, the amount that will be deposited in the reserve account for each dollar deposited in an individual development account, the expertise, experience, and other qualifications of the proposer and its employees, and any other information required in the request for proposals and rules of the secretary [58-30-9 NMSA].
Furthermore, all individual development accounts and reserve accounts must be established only in an authorized financial institution, and the New Mexico Department of Workforce Solutions must monitor all individual development account programs to ensure that they are being operated according to the contract provisions, federal law, the provisions of the Family Opportunity Accounts Act, and rules adopted pursuant to that act [58-30-9 NMSA].
Therefore, before collecting any bank account information from participants in New Mexico, it is recommended that you consult with a legal professional to ensure compliance with all applicable laws and regulations, including those related to individual development account programs.
Jurisdiction
New Mexico