CHAPTER 16.1. The California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account Act
Chapter 16.1 added by Stats. 2022, Ch. 569, Sec. 57.
§§ 18997.5–18997.61 · 12 sections
- § 18997.5 (a) This chapter shall be known, and may be cited, as the California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account Act.…
- § 18997.51 For purposes of this chapter, the following definitions shall apply: (a) “Account,” “trust account,” or “HOPE trust account,” means the California Hope,…
- § 18997.52 (a) (1) There is hereby created within state government the California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account…
- § 18997.53 (a) The California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account Fund is hereby established in the State Treasury.…
- § 18997.54 (a) On or before February 1, 2023, the Treasurer shall convene the California Hope, Opportunity, Perseverance and Empowerment (HOPE) Advisory Workgroup to work…
- § 18997.55 On or before February 1, 2024, the board shall submit a report to the Department of Finance and the Legislature, pursuant to Section 9795 of the Government…
- § 18997.56 (a) (1) Notwithstanding any other law, and to the extent permitted by federal law, funds deposited and investment returns accrued in a HOPE trust account…
- § 18997.57 (a) The Treasurer shall, in consultation with the board, design and disseminate information for parents, Indian custodians, and legal guardians of children and…
- § 18997.58 (a) It is the intent of the Legislature that all eligible children will be automatically enrolled for a HOPE trust account to the extent possible. To achieve…
- § 18997.59 (a) (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…
- § 18997.60 (a) The Treasurer shall annually submit an audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of…
- § 18997.61 The state shall not have any liability for the payment of the HOPE trust account benefits earned by program participants pursuant to this chapter. The state,…