§ 18997.59
305 words·~1 min read·
/ca/welfare-and-institutions-code/18997-59A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Except as provided in paragraph (2), a program enrollee who is also an eligible youth may, on and after their 18th birthday, withdraw or transfer funds from their HOPE trust account.
(2)A program enrollee who is a nonminor dependent, as defined in subdivision
(v)of Section 11400, may withdraw or transfer funds from their HOPE trust account on and after their 18th birthday, or upon exit from foster care if exiting prior to 21 years of age.
(b)The Treasurer shall assist a nonminor dependent, as defined in subdivision
(v)of Section 11400, who is eligible for an ABLE account, as defined in Section 4875, and their parent, Indian custodian, or legal guardian, in transferring funds from their HOPE trust account to the ABLE account.
(c)The Treasurer shall assist eligible youth in transferring funds from their HOPE trust account to an account opened under the CalSavers Retirement Savings Program pursuant to Title 21 (commencing with Section 100000) of the Government Code, an account opened under the California Kids Investment and Development Savings Program pursuant to Article 19.5 (commencing with Section 69996) of Chapter 2 of Part 42 of Division 5 of Title 3 of the Education Code, or an account opened under the CalAccount Program pursuant to Title 21.1 (commencing with Section 100100) of the Government Code, once that other account is established.
(d)The Treasurer shall maintain a publicly available internet website where program enrollees and, as determined appropriate by a policy set by the Treasurer in consultation with the board, their parents, Indian custodians, or legal guardians, may have password-protected online access to view information about the HOPE trust account’s growth and value, and eligible youth may be connected to banking services and financial coaching and financial literacy resources made available through the Department of Financial Protection and Innovation.