(a) Change of Account Ownership by Individual Account Owner. An individual account owner may transfer ownership of an account to another eligible account owner at any time. The change of ownership shall be effective if the transfer (1) is irrevocable; (2) transfers all ownership, reversionary rights, and powers of appointments (i.e., power to change designated beneficiaries and to direct distributions from the account); and (3) is submitted to the program administrator or its designee in writing.

(b) Change of Account Ownership by Entity Account Owner. An entity account owner may transfer ownership of an account to another eligible account owner at any time by submitting a written request to the program administrator or its designee with substantiation that the change of ownership is authorized by the entity and that the signer of the request is authorized to conduct the transaction. The change of ownership shall not be effective until the successor account owner has submitted a completed and signed participation agreement to the program administrator or its designee.

(c) Change of Account Ownership by Custodial Account Owner Prohibited. A custodial account owner is not permitted to transfer ownership of a custodial account.

(d) Contingent Account Owner. An individual account owner may designate another individual or an entity as a contingent account owner to become the owner of the account automatically upon the death of the individual account owner by submitting a written request to the program administrator or its designee. The contingent account owner designation may be revoked by the individual account owner at any time by submitting to the program administrator or its designee written request that either designates a new contingent account owner or revokes all previous designation(s) of a contingent account owner. Upon the death of the individual account owner who has in effect a designation of a contingent account owner, the assets of the account shall not be deemed assets of the estate of such deceased account owner for any purpose. The change of ownership shall not be effective until the successor account owner has submitted to the program administrator or its designee a certified copy of a death certificate sufficiently identifying the deceased by name and Social Security number, or such other proof of death as is recognized under applicable law and is acceptable to the program administrator or its designee, and a completed participation agreement signed by the successor account owner.

(e) Court Order. A change in owner of an account may be effected by submitting to the program administrator or its designee a written request that is not signed by the account owner of record if the change of account ownership is accompanied by a court order directing the change of ownership or by an affidavit or declaration that is recognized under applicable law to require the transfer of ownership upon death without a court order. The program administrator or its designee shall not implement a change in ownership (other than a change in ownership described in paragraph (d) of this Section) without first receiving a written request signed by the account owner of record, a court order, or an affidavit or declaration as herein described. The successor account owner must submit a completed and signed participation agreement to the program administrator or its designee.