TITLE 13. CALIFORNIA SAVINGS AND ASSET PROJECT [95500. - 95508.]

Title 13 added by Stats. 2002, Ch. 1024, Sec. 2.

§§ 95500–95508 · 9 sections

• § 95500 An individual development account program, to be known as the California Savings and Asset Project, is hereby established. The program shall be administered by…
• § 95501 This title shall become operative upon an appropriation of funds by the Legislature, or the allocation of existing discretionary funds by the Governor pursuant…
• § 95502 For purposes of this title, the following definitions apply: (a) “Community development credit union” means any credit union chartered under federal or state…
• § 95503 (a) The department shall issue by July 1, 2003, a request for proposals to entities that may apply to become the nonprofit facilitator of the project.…
• § 95504 (a) The nonprofit facilitator shall subcontract with service providers to implement the project around the state. The nonprofit facilitator shall make an…
• § 95505 (a) Prior to receiving funds under this title, each service provider shall, within six months of being selected to act as a service provider, provide written…
• § 95506 Individuals selected to participate in the project shall do all of the following: (a) Contract with his or her service provider. (b) Regularly deposit funds…
• § 95507 Pursuant to Internal Revenue Service Ruling 99-44, interest earned on funds deposited in the individual development account by the participant is taxable to…
• § 95508 The financial institution in which an individual development account is established shall: (a) Have no greater duties or responsibilities as to an individual…