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Chapter 1. Golden State Scholarshare Trust Program Distributions   

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(a) Generally. An account owner may request a distribution by submitting a written request to the program administrator's 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's designee. The program administrator or his or her 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's designee.

(f) Thirty (30) Day Waiting Period. No distributions can be made within thirty (30) days of receipt by the program administrator's 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.

Authority cited:

Education Code 69981(d)

Education Code 69982(h)

Reference:

Education Code 69983(a)

Education Code 69985(b) and (c)

Education Code 69986(b)

Probate Code Section 3914

Internal Revenue Code 529(e)(2)(B)

(Amended by Register 2003, No. 49)