(a) Existing Definitions. The following terms, as used in these regulations, are defined in Section 69980 of the Education Code unless the context requires otherwise: Administrative fund; benefits; Board; Golden State Scholarshare College Savings Trust; Scholarshare trust; participant; participation agreement; program fund; tuition and fees.

The following terms, as used in these regulations, are defined in the Internal Revenue Code Section 529 of 1986, as amended, (26 U.S.C. Sec. 529): designated beneficiary; eligible educational institution; member of the family; qualified higher education expenses; qualified tuition program; scholarship.

(b) Additional Definitions. The following definitions shall also apply to the Golden State Scholarshare Trust Program:

Account--means an account established under the Act.

Account owner--means the “participant” as defined in Section 69980 of the Education Code. An account owner who is an individual (other than an individual who is a custodian under the California Uniform Transfers to Minors Act) is specifically referred to in these regulations as an “individual account owner.” An account owner who is a custodian under the California Uniform Transfers to Minors Act is specifically referred to in these regulations as a “custodial account owner.” An account owner that is a trust, estate, partnership, association, company or corporation, or a state or local government agency, is specifically referred to in these regulations as an “entity account owner.” Account owner includes the legal representative of an account owner.

Act--means the Golden State Scholarshare Trust Act

Annual Report--means a statement meeting the requirements of Section 69990 of the Education Code.

Business day--means any day that the New York Stock Exchange (NYSE) is open. The close of a business day is the time that the NYSE closes for that day.

California Uniform Transfers to Minors Act--means the act by that name that is contained in Part 9 (commencing with Section 3900) of Division 4 of the California Probate Code.

Cash--shall include but not be limited to checks (except for travelers checks, third-party checks exceeding $10,000, money orders, or cashier's checks), rollover distributions, payroll deduction, automatic contribution plan, and electronic funds transfers. Cash does not include property.

Contribution--means cash deposited into an account.

Distributee--means the designated beneficiary or the account owner who receives or is treated as receiving a distribution from the Scholarshare trust.

Distribution--means any disbursement from an account.

Earnings--means the total account balance on a particular date minus the contributions in the account as of that date.

Internal Revenue Code--means the Internal Revenue Code of 1986, as amended.

Legal representative of an account owner--means an individual, trust, estate, partnership, association, company or corporation, a custodian under the California Uniform Transfers to Minors Act or a state or local government agency empowered by law to act for or on behalf of an account owner who has entered into a participation agreement pursuant to the Act. A legal representative of an account owner shall provide to the program administrator or its designee a document establishing the authority of the legal representative to so act that is signed by the account owner, or a court order establishing the authority of the legal representative to so act. The document or court order must be dated within sixty (60) days of receipt by the Scholarshare trust. The program administrator or its designee shall rely conclusively upon the document or court order until the earlier of its stated expiration date or the date of receipt by the program administrator or its designee of a document or court order terminating the authority evidenced thereby. The legal representative of an account owner shall be deemed to be acting for or on behalf of the account owner in the account owner's legal capacity.

Non-qualified distribution--means any distribution from an account other than 1) a qualified distribution; or 2) a withdrawal by reason of the death or disability of the designated beneficiary of the account or a scholarship received by the designated beneficiary to the extent that the amount distributed does not exceed the amount of the scholarship, all as provided in Section 30954(d); or 3) a rollover distribution.

Program Administrator--means the Scholarshare Investment Board.

Qualified distribution--means a distribution from an account to pay qualified higher education expenses of the designated beneficiary.

Qualified Scholarship Account--means an account opened by an entity account owner to which amounts contributed, and any earnings thereon, are intended to be excluded from the gross income of the scholarship recipient under Section 117 of the Internal Revenue Code.

Qualified Scholarship Account Distribution--means a distribution from a Qualified Scholarship Account to pay for qualified tuition and related expenses within the meaning of Section 117 of the Internal Revenue Code.

Rollover distribution--means a distribution or transfer from an account for a current designated beneficiary that is transferred or deposited within sixty (60) days of the distribution into an account for another designated beneficiary who is a member of the family of the current designated beneficiary. A distribution is not a rollover distribution unless there is a change of designated beneficiary except that a change of designated beneficiary is not required for a distribution or transfer that occurs between qualified tuition programs, provided that such a distribution or transfer cannot occur more than once within a twelve-month period from the date of a previous distribution or transfer by the account owner for the same designated beneficiary. For rollover distributions that involve a change of designated beneficiary, the newly designated beneficiary's account may be an account established under the Act or established within another qualified tuition program and the account owner must certify in the written request for the rollover distribution that the new beneficiary is a member of the family of the current beneficiary. If the rollover distribution is by a state or local government agency or an entity described in Section 501(c)(3) of the Internal Revenue Code and identified in Section 30959(a)(2), the newly designated beneficiary can not be a member of the family of the current designated beneficiary and the account owner must so certify in the written request.

State or local government agency--means a state or local government (or an agency or instrumentality thereof) as those terms are used in Section 529(e) of the Internal Revenue Code.

Substantiation--means a document submitted by an entity account owner to the Scholarshare trust in one of the following forms and dated no more than sixty (60) days prior to its receipt by the Scholarshare trust:

(c) Electronic Communications.