California Code of Regulations › Title 5 - Education › Division 4.5 - Scholarshare Investment Board › Chapter 1 - Golden State Scholarshare Trust Program › Section 30955 - Change of Account Ownership

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(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.
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 new subsections (b)
				  and (c) and amendment of NOTE; 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 section,
				  transmitted to OAL 4-21-2000 and filed 6-1-2000 (Register 2000, No.
				  22).
4. Amendment 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, including
				  further amendment of subsection (d), transmitted to OAL 5-22-2001 and filed 7-5-2001
				  (Register 2001, No. 27).
6. Amendment of subsection (a) 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 subsection (a) 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. Amendment filed 7-20-2016; operative
				  10-1-2016 (Register 2016, No. 30).
Note: Authority cited: Sections
					 69981(d),
					 69982(h)
					 and
					 69993.5,
					 Education Code. Reference: Section
					 69986(h),
					 Education Code.