California Government Code TITLE 13 - CALIFORNIA SAVINGS AND ASSET PROJECT

  • Section 95500.
      An individual development account program, to be known as the California Savings and Asset Project, is hereby established. The program shall be administered by the...
  • Section 95501.
      This title shall become operative upon an appropriation of funds by the Legislature, or the allocation of existing discretionary funds by the Governor pursuant to...
  • Section 95502.
      For purposes of this title, the following definitions apply:(a) “Community development credit union” means any credit union chartered under federal or state law.(b) “Community development financial institution”...
  • Section 95503.
      (a) The department shall issue by July 1, 2003, a request for proposals to entities that may apply to become the nonprofit facilitator of the project....
  • Section 95504.
      (a) The nonprofit facilitator shall subcontract with service providers to implement the project around the state. The nonprofit facilitator shall make an attempt to select service...
  • Section 95505.
      (a) Prior to receiving funds under this title, each service provider shall, within six months of being selected to act as a service provider, provide written...
  • Section 95506.
      Individuals selected to participate in the project shall do all of the following:(a) Contract with his or her service provider.(b) Regularly deposit funds into the individual development...
  • Section 95507.
      Pursuant to Internal Revenue Service Ruling 99-44, interest earned on funds deposited in the individual development account by the participant is taxable to the participant...
  • Section 95508.
      The financial institution in which an individual development account is established shall:(a) Have no greater duties or responsibilities as to an individual development account than it...

Last modified: October 5, 2018