(1)As used in this section, "employer," as that term relates to a market value compensated minor, means the market value compensated minor's parent or guardian.
(2)On or before January 30 of a calendar year, if in the preceding calendar year a performer earned income of $20,000 or more, the performer's parent or guardian shall:
(2)(a) establish a trust for the benefit of the performer in accordance with Title 75A, Chapter 8, Uniform Transfer to Minors; and
(2)(b) unless the performer is a market value compensated minor, notify the performer's employer of the existence of the trust and any additional information required for the employer to transfer gross earnings to the trust.
(3)(3)(a) Subject to Subsection (3)(b), the performer's parent or guardian may serve as the trustee of the trus
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(1) As used in this section, "employer," as that term relates to a market value compensated minor, means the market value compensated minor's parent or guardian.
(2) On or before January 30 of a calendar year, if in the preceding calendar year a performer earned income of $20,000 or more, the performer's parent or guardian shall:
(2)(a) establish a trust for the benefit of the performer in accordance with Title 75A, Chapter 8, Uniform Transfer to Minors; and
(2)(b) unless the performer is a market value compensated minor, notify the performer's employer of the existence of the trust and any additional information required for the employer to transfer gross earnings to the trust.
(3) (3)(a) Subject to Subsection (3)(b), the performer's parent or guardian may serve as the trustee of the trust.
(3)(b) If the average monthly balance of the trust exceeds $250,000 for a consecutive period of at least six months:
(3)(b)(i) the trustee of the trust shall petition a court to appoint a trustee to replace the trustee; and
(3)(b)(ii) after receiving a petition under Subsection (3)(b)(i), a court shall appoint a new trustee to replace the trustee.
(3)(c) A performer's parent or guardian may not access the funds in the trust.
(3)(d) A beneficiary of a trust established under this section may access the funds in the trust beginning the day on which the beneficiary turns 18 years old.
(4) The performer's employer shall transfer 15% of the performer's gross earnings into the trust:
(4)(a) no later than 30 days after the day on which the minor's employment terminates if the minor's term of employment is 30 days or fewer; or
(4)(b) on the same date that the employer makes payments in accordance with the employer's regular pay period, if the performer's term of employment is more than 30 days.
(5) The performer's employer shall make the transfer described in Subsection (4) in accordance with Title 75A, Chapter 8, Uniform Transfer to Minors.
(6) After the performer's employer completes the transfer described in Subsection (4), the performer's employer has no further obligations under this section.
(7) Notwithstanding any other statute of limitation or repose that may be applicable to an action described in this section, an individual, for up to five years after the day on which the individual turns 18 years old, has a right of action against:
(7)(a) an employer if the employer fails to transfer funds to the individual's trust as required under this section;
(7)(b) an individual's parent or guardian if the individual's parent or guardian fails to:
(7)(b)(i) establish a trust as required under this section; or
(7)(b)(ii) notify the individual's employer of the existence of the trust as required under this section; and
(7)(c) the trustee of the individual's trust, if the trustee failed to appoint a trust company to serve as trustee of the trust as required under this section.
(8) If an individual brings a cause of action under Subsection (7), a court may award:
(8)(a) actual damages;
(8)(b) punitive damages;
(8)(c) any other remedy provided by law; and
(8)(d) reasonable costs and attorney fees.