(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
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(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.