5 CCR s 30953

Cal. Admin. Code tit. 5, s 30953

CALIFORNIA CODE OF REGULATIONS
TITLE 5. EDUCATION
DIVISION 4.5. SCHOLARSHARE INVESTMENT BOARD
CHAPTER 1. GOLDEN STATE SCHOLARSHARE TRUST PROGRAM
This database is current through 02/02/07, Register 2007, No. 5
s 30953. Application of Cancellation Penalty and Limitation of
Contributions.

(a) Excess Contribution. The program administrator or his or her 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.

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.

HISTORY

1. New section filed 6-3-99 as an emergency pursuant to
Education Code69993.5; 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be repealed by operation of law on the following day.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 Codesection 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OAL by 4-24-2000 or emergency language will be repealed by operation of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emergency language will be repealed by operation of law on the following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 ofHistory6 (Register 2002, No. 21).

8. Editorial correction ofHistory6 (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 andfiled 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).

5 CCR s 30953, 5 CA ADC s 30953
1CAC

5 CA ADC s 30953

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