Cal. Code Regs. Tit. 5, § 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 (1) is 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 or its 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 or its 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 or its
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 may designate another individual or an entity 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 or its designee. The contingent account owner designation may be
revoked by the individual account owner at any time by submitting to the
program administrator or its designee 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 or its
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
or its designee, 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 or its 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 or its
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 or its designee.
Notes
2. New section refiled 12-30-99 as an emergency pursuant to Education Code section 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 of HISTORY 6 (Register 2002, No. 21).
8. Editorial correction of HISTORY 6 (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 and filed 12-5-2002 (Register 2002, No. 49).
12. Amendment filed 7-20-2016; operative 10-1-2016 (Register 2016, No. 30).
Note: Authority cited: Sections 69981(d), 69982(h) and 69993.5, Education Code. Reference: Section 69986(h), Education Code.
2. New section refiled 12-30-99 as an emergency pursuant to Education Code section 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 of History 6 (Register 2002, No. 21).
8. Editorial correction of History 6 (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 and filed 12-5-2002 (Register 2002, No. 49).
12. Amendment filed 7-20-2016; operative
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