§ 18-30A-10 — Opening a Jumpstart Savings Account; deposits

West Virginia § 18-30A-10

• Jurisdiction: West Virginia
• Ch. 18: EDUCATION
• Art. 30A: WEST VIRGINIA JUMPSTART SAVINGS ACT

Text

(a) Beginning on July 1, 2022, a person may open a Jumpstart Savings Account.

(b) To open a Jumpstart Savings Account, the account owner must:

(1) Provide all information required by the Treasurer;

(2) Make a minimum opening deposit, if required by the board; and

(3) Name a single person as the designated beneficiary:Provided, That the designated beneficiary may be the account owner himself or herself, or another person:Provided, however, That the beneficiary may not be a business, corporation, or enterprise.

(c) The Treasurer will deposit $100 from the College and Jumpstart Savings Administrative Account into a newly opened Jumpstart Savings Account if the following criteria are met:

(1) The designated beneficiary is a resident of West Virginia;

(2) Any minimum deposit required by the board is made to the account within 30 days of the account’s opening; and

(3) The account is opened when the designated beneficiary is under 18 years of age; or

(4) The account is opened within the 180 days following the date of the designated beneficiary’s enrollment in an apprenticeship, training, or educational program described in §18-30A-3(a)(12) of this code.

(d) Any person may make a contribution to a Jumpstart Savings Account after the account is opened, subject to applicable state and federal laws.

(e) The Treasurer shall prescribe all forms required to open and make deposits to a Jumpstart Savings Account and make the forms available in a prominent location on the Treasurer’s website.

(f) The board may establish minimum deposits or amounts for accounts to be considered active and may establish procedures to close inactive accounts.

Legislative History

2023 Reg. Sess., SB478; 2021 Reg. Sess., HB2001