1. 1. Upon receiving approval pursuant to subsection 2, a provider of foster care may establish an individual development account for a child placed in the care of the provider of foster care by the appropriate agency. The provider of foster care may deposit into the individual development account money received by the provider of foster care to pay for the cost of providing care to the child, if such use does not conflict with or prevent the provider of foster care from providing care to the child.

2. 2. Before establishing an individual development account pursuant to subsection 1, a provider of foster care must receive the approval of the licensing authority to establish the individual development account and deposit a portion of the money received into such an account. The licensing authority shall grant such approval to the provider of foster care if the licensing authority determines that the depositing of money into the individual development account:

   1. (a) Does not conflict with or prevent the provider of foster care from providing care to the child; and
   2. (b) Is in the best interests of the child.
3. 3. The money deposited into the individual development account and any matching funds and interest deposited into the individual development account pursuant to NRS 422A.487 to 422A.497, inclusive, is the property of the child for whom the individual development account was established.

4. 4. The child:

   1. (a) May access the money deposited in the individual development account and any matching funds and interest deposited into the individual development account pursuant to NRS 422A.487 to 422A.497, inclusive, upon reaching 18 years of age or upon being declared emancipated pursuant to NRS 129.080 to 129.140, inclusive, whether or not the child was part of the foster care system upon reaching 18 years of age or the child moved outside of the State before reaching 18 years of age or before being declared emancipated; and
   2. (b) Upon obtaining access to the money pursuant to paragraph (a), must use the money deposited in the individual development account and any matching funds and interest deposited into the individual development account pursuant to NRS 422A.487 to 422A.497, inclusive, only for the purposes set forth in NRS 422A.494.

5. 5. Nothing in this section shall be construed as preventing:

   1. (a) The child from maintaining a bank account and managing personal income, consistent with the age and developmental level of the child, as is the right of the child pursuant to paragraph (b) of subsection 10 of NRS 432.525; or
   2. (b) The provider of foster care from establishing a savings account for a child placed in the care of the provider of foster care into which the provider of foster care deposits the personal income or money of the provider of foster care.

6. 6. As used in this section, “foster care system” means the process whereby a child is:

   1. (a) Placed in a foster home pursuant to this title; or
   2. (b) In the custody of an agency which provides child welfare services pursuant to chapter 432B of NRS.

(Added to NRS by 2021, 1556)