§ 95504. — 95504. (Added by Stats. 2002, Ch. 1024, Sec. 2.)

California § 95504.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Title 13.: TITLE 13. CALIFORNIA SAVINGS AND ASSET PROJECT

Text

(a)
The nonprofit facilitator shall subcontract with service providers to implement the project around the state. The nonprofit facilitator shall make an attempt to select service providers for programs of different size, geographical distribution, and target population to be served. Additionally, the nonprofit facilitator may consider giving special consideration to service providers that demonstrate partnerships with local public agencies.
(b)
The service providers shall perform all of the following duties in implementing the project:
(1)
Recruit and select participants who meet the following criteria:
(A)
The individual is at least 18 years of age.
(B)
The individual is a member of a household with an income of not more than 80 percent of the area median income based on United States Department of Housing and Urban Development guidelines at the time of program enrollment.
(C)
The individual is not a dependent of another person for federal income tax purposes.
(D)
The individual is not a debtor for a judgment resulting from nonpayment of a court-ordered child support obligation.
(E)
The individual meets eligibility criteria as defined by the funding source for the program created under this title.
(2)
Develop and sign contracts with each participant, to include all program requirements and policies governing the participant’s account.
(3)
Assist participants in opening individual development accounts. CalWORKs recipients participating in the project may consider using a restricted account as described in Section 11155.2 of the Welfare and Institutions Code. Otherwise, the accounts shall be established using a parallel account structure that meets both of the following requirements:
(A)
One separate account shall be established for each participant in a federally or state insured financial institution, community development financial institution, any financial institution eligible to hold an individual retirement account, or community development credit union, in which each participant’s savings are deposited and maintained. The program participant may withdraw his or her own savings at any time.
(B)
Another separate, parallel account shall be established and maintained by service providers in which the matching funds from state, federal, and private donations are kept. The parallel account may contain all matching funds for a pool of any service provider’s participants.
(4)
Help individuals receive their matching funds at the conclusion of the program.
(5)
Provide participants with a minimum of 12 hours of financial education and training. The education and training shall include, but need not be limited to, all of the following:
(A)
Household and personal budget management.
(B)
Economic literacy.
(C)
Credit repair.
(6)
Develop a program dismissal process for participants who do not fulfill program participation requirements, and seek to ensure that matching funds are used for their intended purposes.
(7)
Collect and maintain information about their programs, in a manner that provides the capacity to report semiannually all of the following information to the department:
(A)
The number and demographic characteristics of participants enrolled in the program.
(B)
The number of accounts established.
(C)
The individual and aggregate savings level of participants.
(D)
The number of participants who closed accounts and the amount of associated savings.
(E)
The actual and proposed program budget.
(F)
The size and origin of matching pool funds received, obligated, and paid to participants.
(G)
The program achievements and obstacles.
(H)
Twelve-month program and financial projections.
(I)
At least one participant profile.

Legislative History

Added by Stats. 2002, Ch. 1024, Sec. 2. Effective January 1, 2003. Conditionally operative as prescribed in Section 95501.