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§ 30959. Qualified Scholarship Accounts.

5 CA ADC § 30959Barclays 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 § 30959
§ 30959. Qualified Scholarship Accounts.
Currentness
(a) Opening Qualified Scholarship Accounts. A qualified scholarship account may be opened by any of the following entities:
(1) a state or local government agency or an entity described in Section 501(c)(3) of the Internal Revenue Code that has opened the qualified scholarship account as part of a scholarship program for the benefit of beneficiaries to be named when the scholarships are awarded; or
(2) any entity identified in Section 30951(b) that has opened the qualified scholarship account for the benefit of a named beneficiary.
(b) Participation Agreement. To open a qualified scholarship account, an entity account owner must submit a completed and signed participation agreement with either an initial contribution or a selection of electronic funds transfer, automatic contribution plan, or rollover distribution as the method of initial contribution to the program administrator or its designee.
(c) Change of Beneficiary for Qualified Scholarship Account. An entity identified in paragraph (a)(2) of this Section, except a state or local government agency or an entity described in Section 501(c)(3) of the Internal Revenue Code, is not permitted to change the beneficiary of the qualified scholarship account. 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) may change the beneficiary of a qualified scholarship account at any time by submitting a written request to the program administrator or its designee.
(d) Rollover Distributions for Qualified Scholarship Account. An entity identified in paragraph (a)(2) of this Section, except for a state or local government agency or an entity described in Section 501(c)(3) of the Internal Revenue Code, is not permitted to make a rollover distribution. 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) may make any rollover distribution set forth in Section 30958 at any time by submitting a written request to the program administrator or its designee with substantiation that the rollover distribution is authorized by the entity account owner and that the signer of the request is authorized to conduct the transaction, and by complying with applicable federal and state law. The written request for a rollover distribution must contain a certification that the newly designated beneficiary is not a member of the family of the previous beneficiary.
(e) Qualified Scholarship Account Distribution. A qualified scholarship account distribution may be taken at any time by an entity identified in paragraph (a) of this Section by submitting a written request to the program administrator or its designee with substantiation that the qualified scholarship account distribution is authorized by the entity account owner and that the signer of the request is authorized to conduct the transaction. A qualified scholarship account distribution must be paid directly to an eligible educational institution.

Credits

Note: Authority cited: Sections 69981(d) and 69982(h), Education Code. Reference: Sections 69982(j)(1), 69983(f), 69986(h); and Sections 117(b) and 529, Internal Revenue Code.
History
1. New section 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.
2. Certificate of Compliance as to 12-26-2000 order, including amendment of subsection (d), transmitted to OAL 5-22-2001 and filed 7-5-2001 (Register 2001, No. 27).
3. Amendment of subsections (b)-(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.
4. Editorial correction of History 3 (Register 2002, No. 21).
5. Editorial correction of History 3 (Register 2002, No. 31).
6. 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).
7. Amendment of subsections (b)-(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.
8. Certificate of Compliance as to 7-31-2002 order transmitted to OAL 11-13-2002 and filed 12-5-2002 (Register 2002, No. 49).
9. Repealer of subsection (d) and subsection relettering filed 12-1-2003; operative 1-1-2004 (Register 2003, No. 49).
10. Amendment filed 7-20-2016; operative 10-1-2016 (Register 2016, No. 30).
This database is current through 4/19/24 Register 2024, No. 16.
Cal. Admin. Code tit. 5, § 30959, 5 CA ADC § 30959
End of Document