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Chapter 1. Golden State Scholarshare Trust Program Custodial Account Registration   

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(a) Notice of Change in Custodial Account Registration. The program administrator's 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's 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's 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's designee.

Authority cited:

Education Code 69981(c)(7)

Education Code 69981(d)

Education Code 69982(h)

Reference:

Education Code 69986

Education Code 69990(a)

Probate Code 3920

Probate Code 3920.5

Internal Revenue Code 529(b)(4)

(Amended By Register 2002, No. 49)