California Code of Regulations › Title 5 - Education › Division 4.5 - Scholarshare Investment Board › Chapter 1 - Golden State Scholarshare Trust Program › Section 30954 - Distributions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Generally. An
				account owner may request a distribution by submitting a written request to the
				program administrator or its designee.
(b) Distributions Requested By Custodial Account
				Owners. A custodial account owner must provide with the written request for any
				distribution under this Section a certification that the account owner is the
				custodian of the account and (except with respect to a qualified distribution or a
				distribution due to the death of the designated beneficiary) that the distribution
				is authorized under the California Uniform Transfers to Minors Act and is necessary
				for the welfare of the designated beneficiary.
(c) Distributions Requested By Entity Account
				Owners. An entity account owner must provide with the written request for any
				distributions under this Section substantiation that the distribution is authorized
				by the entity account owner and that the signer of the request is authorized to
				conduct the transaction.
(d)
				Non-qualified Distribution. An account owner may request a non-qualified
				distribution by submitting a written request to the program administrator or its
				designee. The program administrator or its designee shall pay the amount of the
				requested non-qualified distribution to the account owner.
(e) Distributions Due to Death, Disability or
				Scholarship of Designated Beneficiary. An account owner may request a distribution
				due to the death or disability of, or scholarship awarded to the designated
				beneficiary by submitting a written request to the program administrator or its
				designee.
(f) Thirty (30) Day Waiting
				Period. No distributions can be made within thirty (30) days of receipt by the
				program administrator or its designee of a written request to change the account
				owner or a request to change the mailing address of the account owner, unless the
				current account owner's signature is signature guaranteed on the request.
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				  transmitted to OAL by 2-23-2000 or emergency language will be repealed by operation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
				  subsections (c)(2)(B)-(C); 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 (b), (c)(2)(B)
				  and (d), 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
				  subsections (d) and (e) and repealer of subsections (e)(1)-(e)(2)(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.
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 subsections (d) and (e) and
				  repealer of subsections (e)(1)-(e)(2)(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.
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 of subsection (d) filed 12-1-2003; operative 1-1-2004
				  (Register 2003, No. 49).
13. Amendment of subsections (a), (d), (e) and
				  (f) 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
					 69983(a),
					 69985(b) and
					 (c) and
					 69986(b),
					 Education Code; Section
					 3914, Probate
					 Code; and Section
					 529(e)(2)(B), Internal
					 Revenue Code.