Cal. Code Regs. tit. 5 § 30951.1

Current through Register 2024 Notice Reg. No. 50, December 13, 2024

Section 30951.1 - Custodial Account Registration

(a) Notice of Change in Custodial Account Registration. The program administrator or its designee shall change the registration of a custodial account upon receipt of written notification from the custodial account owner that the designated beneficiary has reached the age of majority or is otherwise legally authorized to assume ownership. The change in account registration shall not be effective until the designated beneficiary has submitted a completed participation agreement to the program administrator or its designee.

(b) Extension of Custodianship Past Designated Beneficiary's Reaching Age of Majority. If the custodianship of the custodial account is extended pursuant to Section 3920.5 of the California Uniform Transfers to Minors Act to a time past the designated beneficiary's reaching the age of majority, the change in account registration will only be effective if:

(1) the custodian provides written notification to the program administrator or its designee of the termination of the custodianship at such later time; and

(2) the designated beneficiary submits a completed participation agreement to the program administrator or its designee.

Cal. Code Regs. Tit. 5, § 30951.1

1. New section 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must be transmitted to OAL by 7-2-2001 pursuant to Education Code section 6993.5 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 12-26-2000 order transmitted to OAL 5-22-2001 and filed 7-5-2001 (Register 2001, No. 27).
3. Amendment 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Code section 69993.5, a Certificate of Compliance must be transmitted to OAL by 7-1-2002 or emergency language will be repealed by operation of law on the following day.
4. Editorial correction of HISTORY 3 (Register 2002, No. 21).
5. Editorial correction of HISTORY 3 (Register 2002, No. 31).
6. 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).
7. Amendment 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.
8. Certificate of Compliance as to 7-31-2002 order transmitted to OAL 11-13-2002 and filed 12-5-2002 (Register 2002, No. 49).
9. Amendment filed 7-20-2016; operative 10-1-2016 (Register 2016, No. 30).

Note: Authority cited: Sections 69981(c)(7), 69981(d) and 69982(h), Education Code. Reference: Sections 69986 and 69990(a), Education Code; Sections 3920 and 3920.5, Probate Code; and Section 529(b)(4), Internal Revenue Code.

1. New section 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.
2. Certificate of Compliance as to 12-26-2000 order transmitted to OAL 5-22-2001 and filed 7-5-2001 (Register 2001, No. 27).
3. Amendmentfiled 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.
4. Editorial correction of History 3 (Register 2002, No. 21).
5. Editorial correction of History 3 (Register 2002, No. 31).
6. 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).
7. Amendment 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.
8. Certificate of Compliance as to 7-31-2002 order transmitted to OAL 11-13-2002 and filed 12-5-2002 (Register 2002, No. 49).
9. Amendment filed 7-20-2016; operative 10/1/2016 (Register 2016, No. 30).