Home Table of Contents

§ 30954. Distributions.

5 CA ADC § 30954Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 5. Education
Division 4.5. Scholarshare Investment Board
Chapter 1. Golden State Scholarshare Trust Program
5 CCR § 30954
§ 30954. Distributions.
Currentness
(a) Generally. An account owner may request a distribution by submitting a written request to the program administrator or its designee.
(b) Distributions Requested By Custodial Account Owners. A custodial account owner must provide with the written request for any distribution under this Section a certification that the account owner is the custodian of the account and (except with respect to a qualified distribution or a distribution due to the death of the designated beneficiary) that the distribution is authorized under the California Uniform Transfers to Minors Act and is necessary for the welfare of the designated beneficiary.
(c) Distributions Requested By Entity Account Owners. An entity account owner must provide with the written request for any distributions under this Section substantiation that the distribution is authorized by the entity account owner and that the signer of the request is authorized to conduct the transaction.
(d) Non-qualified Distribution. An account owner may request a non-qualified distribution by submitting a written request to the program administrator or its designee. The program administrator or its designee shall pay the amount of the requested non-qualified distribution to the account owner.
(e) Distributions Due to Death, Disability or Scholarship of Designated Beneficiary. An account owner may request a distribution due to the death or disability of, or scholarship awarded to the designated beneficiary by submitting a written request to the program administrator or its designee.
(f) Thirty (30) Day Waiting Period. No distributions can be made within thirty (30) days of receipt by the program administrator or its designee of a written request to change the account owner or a request to change the mailing address of the account owner, unless the current account owner's signature is signature guaranteed on the request.

Credits

Note: Authority cited: Sections 69981(d) and 69982(h), Education Code. Reference: Sections 69983(a), 69985(b) and (c) and 69986(b), Education Code; Section 3914, Probate Code; and Section 529(e)(2)(B), Internal Revenue Code.
History
1. New section filed 6-3-99 as an emergency pursuant to Education Code 69993.5; operative 6-28-99 (Register 99, No. 23). A Certificate of Compliance must be transmitted to OAL by 2-23-2000 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 12-30-99 as an emergency pursuant to Education Code section 69993.5, including amendment of subsections (c)(2)(B)-(C); operative 12-26-99 (Register 99, No. 53). A Certificate of Compliance must be transmitted to OAL by 4-24-2000 or emergency language will be repealed by operation of law on the following day.
3. Certificate of Compliance as to 12-30-99 order, including amendment of subsections (b), (c)(2)(B) and (d), transmitted to OAL 4-21-2000 and filed 6-1-2000 (Register 2000, No. 22).
4. Amendment of section and Note filed 12-26-2000 as an emergency; operative 1-1-2001 (Register 2000, No. 52). A Certificate of Compliance must be transmitted to OAL by 7-2-2001 pursuant to Education Code section 6993.5 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 12-26-2000 order transmitted to OAL 5-22-2001 and filed 7-5-2001 (Register 2001, No. 27).
6. Amendment of subsections (d) and (e) and repealer of subsections (e)(1)-(e)(2)(C) filed 12-18-2001 as an emergency; operative 1-1-2002 (Register 2001, No. 51). Pursuant to Education Code section 69993.5, a Certificate of Compliance must be transmitted to OAL by 7-1-2002 or emergency language will be repealed by operation of law on the following day.
7. Editorial correction of History 6 (Register 2002, No. 21).
8. Editorial correction of History 6 (Register 2002, No. 31).
9. Reinstatement of section as it existed prior to 12-18-2001 emergency amendment by operation of Government Code section 11346.1(f) (Register 2002, No. 31).
10. Amendment of subsections (d) and (e) and repealer of subsections (e)(1)-(e)(2)(C) filed 7-31-2002 as an emergency; operative 7-31-2002 (Register 2002, No. 31). A Certificate of Compliance must be transmitted to OAL by 12-2-2002 or emergency language will be repealed by operation of law on the following day.
11. Certificate of Compliance as to 7-31-2002 order transmitted to OAL 11-13-2002 and filed 12-5-2002 (Register 2002, No. 49).
12. Amendment of subsection (d) filed 12-1-2003; operative 1-1-2004 (Register 2003, No. 49).
13. Amendment of subsections (a), (d), (e) and (f) filed 7-20-2016; operative 10-1-2016 (Register 2016, No. 30).
This database is current through 4/12/24 Register 2024, No. 15.
Cal. Admin. Code tit. 5, § 30954, 5 CA ADC § 30954
End of Document