(a) A child performer’s parent or guardian shall establish a child performer trust account for the benefit of the child prior to the child’s first instance of paid employment as a child performer and shall maintain such account until the custodian of such account transfers the contents thereof to the child performer or the child performer’s estate pursuant to section 7-6.20 of the Estates, Powers and Trusts Law, except that a temporary child performer permit will allow the parent or guardian up to 15 days to establish such a trust account.

(b) The parent(s) or guardian(s) of a child performer may serve as the custodian(s) of the child performer trust fund subject to the limitation set forth in subdivision (f) of this section.

(c) The amount of the transfers made by the employer into the child performer trust account shall be established by the custodian(s) of the account, provided that they may not be less than the minimum transfer amounts (15 percent of gross earnings) set forth in part 7 of article 7 of the Estates, Powers and Trusts Law. Where the custodian is other than the parent or guardian, the parent or guardian may ask the custodian to require the employer to transfer a specific amount or percentage more than 15 percent of the gross earnings to the trust account, in which case the custodian shall notify the employer of the requirement. The custodian, parent or guardian shall communicate in writing to the employer the specific amount, and any change in the amount, to be transferred into the child performer trust account.

(d) The child performer’s parent or guardian shall provide the employer with all information necessary to make transfers to such account on behalf of the child performer, within 15 days of commencement of the child performer’s employment.

(e) A parent or guardian of a child performer shall ensure that the custodian of the trust account promptly notifies the child performer’s employer of any change in facts which affect the employer’s obligation to set aside funds under article 7 of the Estates, Powers, and Trust Law.

(f) Once the child performer’s trust fund balance is equal to or exceeds $250,000, the custodian, parent or guardian shall ensure that a trust company is appointed as custodian of the account. The appointment of a trust company as custodian of the account shall be disclosed to the department upon the next application for the renewal of a child performer permit following such appointment.

(g) A child performer trust account is not required for unpaid performances under an employer certificate of group eligibility.