California Education Code

§ 69996.7

EDC § 69996.7 Effective Jul 27, 2021Div. 5 · Title 3 · Part 42 · Ch. 2 · Art. 19.5

Statute text

(a)Funds appropriated pursuant to Schedule 1 of Item 0954-162-8506 of Section 2.00 of the Budget Act of 2021 shall be used to support program enhanced deposits and to establish KIDS Accounts for eligible children who do not already have a KIDS Account established. For the 2021–22 fiscal year, funds appropriated pursuant to Provision 2 of Item 0954-101-0001 of Section 2.00 of the Budget Act of 2021 shall be used to support program enhanced deposits and to establish KIDS Accounts for eligible children that are ineligible to receive funds appropriated pursuant to Schedule 1 of Item 0954-162-8506 of Section 2.00 of the Budget Act of 2021. Commencing with the 2022–23 fiscal year, funds appropriated pursuant to Provision 2 of Item 0954-101-0001 of Section 2.00 of the annual Budget Act shall be used to support program enhanced deposits and to establish KIDS Accounts for eligible children who do not already have a KIDS Account established.

(b)All assets of the fund and moneys allocated to individual KIDS Accounts shall be considered to be owned by the state until used for the payment of qualified higher education expenses at an institution of higher education.

(c)Deposits made to the fund or disbursements from the fund allocated to individual participant KIDS Accounts shall be invested through a Scholarshare 529 account or through another investment plan determined by the board.

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Legislative history

Added by Stats. 2021, Ch. 144, Sec. 54. (AB 132) Effective July 27, 2021.