1. (a) Disbursement. CalSAVE Scholarships shall be disbursed in accordance with this program in the form of Accounts as defined in California Code of Regulations section 30950(b). CalSAVE Scholarships shall be disbursed by the Board or Eligible Partners to identified Students as follows:

   1. (1) CalSAVE Scholarships will be disbursed directly to each identified Student of a Beneficiary Group, or
   2. (2) The Board will contract with an Eligible Partner to disburse Scholarships to identified eligible Students of a Beneficiary Group.
2. (b) Unused CalSAVE Scholarships. All unused CalSAVE Scholarships not disbursed to eligible Students shall revert to the originating Subaccount for reallocation upon identification of additional eligible Students.

Note: Authority cited: Sections 69981 and 69982, Education Code. Reference: Section 69981, Education Code.

History

1. New section filed 8-30-2010; operative 9-29-2010 (Register 2010, No. 36).