§ 31017. Forfeiture of Account Funds.
5 CA ADC § 31017Barclays Official California Code of RegulationsEffective: August 15, 2022
Effective: August 15, 2022
5 CCR § 31017
§ 31017. Forfeiture of Account Funds.
(b) The Board shall provide the Beneficiary with written notice of the disqualifying event which, if not resolved, would result in forfeiture. The written notice shall inform the Beneficiary that they have thirty (30) days from receipt of the notice to resolve the disqualifying event before a final determination of forfeiture is made by the Executive Director of the Board and that funds will not be distributed pending resolution of the disqualifying event. If the Beneficiary receives an unsatisfactory final determination, they may appeal the determination. Such an appeal shall be submitted within thirty (30) days of receipt of the final determination.
(d) Absent a successful appeal, if a Beneficiary does not use any portion, or all, of the moneys intended for the Beneficiary in a CalKIDS Account for a qualified higher education expense for any reason, including the death or disability of the Beneficiary, before the Beneficiary's 26th birthday, all deposits and financial incentives designated for the Beneficiary in a CalKIDS Account and any earnings from those moneys shall be forfeited and deposited back into the Program.
Credits
Note: Authority cited: Section 69996.4, Education Code. Reference: Section 69996.3, Education Code.
History
1. New section filed 8-15-2022; operative 8-15-2022 pursuant to Government Code section 11343.4(b)(3) (Register 2022, No. 33).
This database is current through 3/15/24 Register 2024, No. 11.
Cal. Admin. Code tit. 5, § 31017, 5 CA ADC § 31017
End of Document |