§ 31006. Refunds.
5 CA ADC § 31006Barclays Official California Code of Regulations
5 CCR § 31006
§ 31006. Refunds.
(a) If the award recipient receives a refund of any part of the distribution from the eligible educational institution, the award recipient shall notify the Scholarshare Investment Board's designee in writing of such amount and either provide evidence showing that the refunded amount was used for qualified higher education expenses or shall return the amount of the refund not used for qualified higher education expenses to the Scholarshare Investment Board's designee. The Scholarshare Investment Board's designee shall deposit any returned refunded amounts into the award recipient's account within the Scholarshare Trust.
(b) If the eligible educational institution refunds any part of the award recipient's distribution to the Scholarshare Investment Board's designee, the Scholarshare Investment Board's designee shall deposit any returned refunded amounts into the award recipient's account within the Scholarshare Trust.
(c) If a refund from the eligible educational institution to the award recipient or to the Scholarshare Investment Board's designee is based on a final determination pursuant to Section 31005, the Scholarshare Investment Board's designee shall deposit any returned or refunded amounts into a forfeiture account within the Scholarshare Trust.
Credits
Note: Authority cited: Sections 69981(d), 69996(d) and 69999, Education Code. Reference: Section 69996(d), Education Code; Sections 529 and 117(b), Internal Revenue Code, and 26 Code of Federal Regulations Section 1.529-2(e)(4)(ii)(d).
History
1. New section filed 12-1-2000 as an emergency; operative 12-1-2000 (Register 2000, No. 48). A Certificate of Compliance must be transmitted to OAL by 11-30-2001 pursuant to Education Code section 69999 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 12-1-2000 order, including amendment of section, transmitted to OAL 11-30-2001 and filed 12-21-2001 (Register 2001, No. 51).
3. Redesignation of existing paragraphs as subsections (a)-(c) filed 12-27-2001 as an emergency; operative 1-1-2002 (Register 2001, No. 52). Pursuant to Education Code section 69999, a Certificate of Compliance must be transmitted to OAL by 1-1-2003 or emergency language will be repealed by operation of law on the following day.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. Certificate of Compliance as to 12-27-2001 order transmitted to OAL 12-18-2002 and filed 1-29-2003 (Register 2003, No. 5).
This database is current through 4/26/24 Register 2024, No. 17.
Cal. Admin. Code tit. 5, § 31006, 5 CA ADC § 31006
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