§ 607.
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§ 607. Accounting for designated beneficiary; claims requirements
(a)The Treasurer shall establish in the Trust an accounting for each designated beneficiary in the amount of $3,200.00. Each accounting shall include the initial amount of $3,200.00, plus the designated beneficiary’s pro rata share of total net earnings from investments of sums held in the Trust.
(b)A designated beneficiary shall become eligible to receive the total sum of the accounting under subsection
(a)of this section upon the designated beneficiary’s 18th birthday and completion of a financial coaching requirement as prescribed by the Treasurer. The sum shall only be used for eligible expenditures.
(c)The Treasurer shall create a financial coaching program and materials designed to educate designated beneficiaries and others about the permissible use of funds available under this chapter.
(d)A designated beneficiary, or the designated beneficiary’s authorized representative in the case of a designated beneficiary unable to make a claim due to disability, may submit a claim for accounting until the designated beneficiary’s 30th birthday, provided the designated beneficiary is a resident of the State at the time of the claim. If a designated beneficiary dies before submitting a valid claim or fails to submit a valid claim before the designated beneficiary’s 30th birthday, the designated beneficiary’s accounting shall be credited back to the assets of the Trust.
(e)The Treasurer shall adopt rules pursuant to chapter 25 of this title to carry out the purposes of this section, including prescribing the process for submitting a valid claim for accounting. (Added 2023, No. 184 (Adj. Sess.), § 17, eff. July 1, 2024; amended 2025, No. 18, § 13, eff. May 13, 2025.)