California Code of Regulations › Title 5 - Education › Division 4.5 - Scholarshare Investment Board › Chapter 1 - Golden State Scholarshare Trust Program › Section 30953 - Application of Cancellation Penalty and Limitation of Contributions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Excess Contribution.
				The program administrator or its designee shall warn account owners against excess
				contributions.
(b) Return of Excess
				Contributions. Contributions for any designated beneficiary shall be rejected and
				returned to the extent that the amount of the contribution would cause the aggregate
				amount held for that beneficiary to exceed the applicable maximum account balance
				limit, as determined in accordance with Section
				529 of the Internal Revenue Code.
				Accounts that have reached the maximum account balance limit may continue to accrue
				earnings.
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				  transmitted to OAL by 2-23-2000 or emergency language will be repealed by operation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
				  subsection (b); 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				  repealed by operation of law on the following day.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 (a) and (c),
				  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				  emergency language will be repealed by operation of law on the following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
				  section heading, section and NOTE 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 section heading, section and
				  NOTE 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. Repealer of subsection (a),
				  subsection relettering and amendment of newly designated subsection (b) filed
				  12-1-2003; operative 1-1-2004 (Register 2003, No. 49).
13. Amendment of
				  subsection (a) filed 7-20-2016; operative 10-1-2016 (Register 2016, No.
				  30).
Note: Authority cited: Sections
					 69981(d)
					 and
					 69982(h),
					 Education Code. Reference: Sections
					 69981(d),
					 69982(j),
					 69983(g),
					 69985 and
					 69986(b), (d) and
					 (e), Education Code; Sections
					 3900-
					 3925, Probate
					 Code; and Sections
					 529(b)(3) and (7),
					 Internal Revenue Code.