California Family Code 17311.5 – (a) The department may enter into a trust agreement with a …
(a) The department may enter into a trust agreement with a trustee or fiscal intermediary to receive or disburse child support collections. The trust agreement may contain provisions the department deems reasonable and proper for the security of the child support payments. Any trust accounts created by the trust agreements may be held outside the State Treasury.
(b) For the 2012-13 fiscal year only, trust account moneys may be invested in any of the types of securities listed in § 16430 of the Government Code or alternatives offering comparable security, including, but not limited to, mutual funds and money market funds. This subdivision does not authorize investments or transfers that would interfere with carrying out the objective for which the Child Support Payment Trust Fund was created.
Terms Used In California Family Code 17311.5
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: means a state of the United States, the District of Columbia, or a commonwealth, territory, or insular possession subject to the jurisdiction of the United States. See California Family Code 145
- Support: refers to a support obligation owing on behalf of a child, spouse, or family, or an amount owing pursuant to Section 17402. See California Family Code 150
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(Amended by Stats. 2012, Ch. 47, Sec. 1. (SB 1041) Effective June 27, 2012.)