(a) Each Beneficiary enrolled at birth will receive a seed deposit of at least twenty-five dollars ($25).(b) Beginning July 1, 2022, the Board may provide Beneficiaries enrolled at birth financial incentives as specified. (1) A financial incentive of twenty-five dollars ($25) may be placed into a Beneficiary's account when they or their parent or legal guardian register on the Program's online portal before the Beneficiary reaches the age of 12.(2) A financial incentive of fifty dollars ($50) may be placed into a Beneficiary's account when their parent or legal guardian opens and contributes to an individual ScholarShare 529 account and links that account to their KIDS Account through the Program's online portal before the Beneficiary reaches the age of 12.(c) Each Beneficiary described in Education Code 69996.9 will receive an enhanced deposit of five hundred dollars ($500).(d) Each Beneficiary described in Education Code 69996.9 who is identified by the California Department of Education as homeless will receive an enhanced deposit of five hundred dollars ($500).(e) Each Beneficiary described in Education Code 69996.9 who is identified by the California Department of Education as a foster youth will receive an enhanced deposit of five hundred dollars ($500).(f) The Executive Director of the Board may establish or modify the structure for financial incentives for the Program based on the following criteria:(1) Participation levels;(3) Grants, gifts, appropriations, and other moneys from any unit of federal, state, or local government or any other person, firm, partnership, or corporation for deposit to the fund.Cal. Code Regs. Tit. 5, § 31012
1. New section filed 8-15-2022; operative 8-15-2022 pursuant to Government Code section 11343.4(b)(3) (Register 2022, No. 33). Note: Authority cited: Section 69996.4, Education Code. Reference: Sections 69996.3 and 69996.9, Education Code.
1. New section filed 8-15-2022; operative 8/15/2022 pursuant to Government Code section 11343.4(b)(3) (Register 2022, No. 33).