California Education Code ARTICLE 19 - Golden State Scholarshare Trust Act

• Section 69980.
  As used in this article, the following terms have the following meanings, unless the context requires otherwise:(a) “Administrative fund” means the funds used to administer this...
• Section 69981.
  (a) There is hereby created an instrumentality of the State of California to be known as the Golden State Scholarshare College Savings Trust.(b) The purposes, powers, and...
• Section 69982.
  In addition to the powers and authority granted pursuant to Section 69981, the board shall have the powers and authority to do all of the...
• Section 69983.
  The Scholarshare trust may enter into participation agreements with participants on behalf of beneficiaries pursuant to the following terms and agreements:(a) The board may specify a...
• Section 69984.
  (a) (1) The board shall segregate moneys received by the Scholarshare trust into two funds, which shall be identified as the program fund and the administrative fund....
• Section 69985.
  (a) Any participant may cancel a participation agreement at will. A participant shall be entitled to a refund upon cancellation thereof of an amount equal to...
• Section 69986.
  For all purposes of California law, the following apply:(a) The participant shall retain ownership of all contributions made under any participation agreement up to the date...
• Section 69989.
  (a) The board shall submit an annual audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the Scholarshare trust by...
• Section 69990.
  (a) The board shall provide an annual listing of distributions to individuals with respect to an interest in a participation agreement to the Franchise Tax Board...
• Section 69991.
  The assets of the trust, including the program fund, shall at all times be preserved, invested, and expended solely and only for the purposes of...
• Section 69992.
  The board shall aggressively market this program to the citizens of the State of California. The board shall include in its marketing efforts information designed...
• Section 69993.
  Funding for startup and first-year administrative costs shall be appropriated from the General Fund in the annual Budget Act. The board shall repay, within five...
• Section 69993.5.
  The board may adopt regulations for the purposes of this chapter as emergency regulations in accordance with the rulemaking provisions of the Administrative Procedure Act...
• Section 69993.7.
  No public funds nor any funds available pursuant to this article may be expended to pay for, nor shall the board enter into any agreement...
• Section 69994.
  This act shall be construed liberally in order to effectuate its legislative intent. The purposes of this act and all of its provisions with respect...

Last modified: October 22, 2018