5 CCR s 30955

Cal. Admin. Code tit. 5, s 30955

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 30955. Change of Account Ownership.

(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 is (1) 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's 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's 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's
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 (but not an
entity or custodial account owner) may designate another individual 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's designee. The contingent account
owner designation may be revoked by the individual account owner at any
time by submitting to the program administrator another 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's 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, 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's 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's 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's designee.

Note: Authority cited: Sections 69981(d), 69982(h) and 69993.5,
Education Code. Reference: Section 69986(h), Education 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 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 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 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 andfiled 12-5-2002 (Register 2002, No. 49).

5 CCR s 30955, 5 CA ADC s 30955
1CAC

5 CA ADC s 30955

END OF DOCUMENT