(a) In addition to the personal property permitted by other provisions of this part, a child declared a ward or dependent child of the juvenile court, who is 16 years of age or older, or, on and after January 1, 2012 a nonminor dependent, as defined in subdivision (v) of Section 11400, who is participating in a transitional independent living case plan pursuant to the federal Fostering Connections to Success and Increasing Adoptions Act of 2008 (Public Law 110-351), may retain resources with a combined value of not more than ten thousand dollars ($10,000), consistent with Section 472(a) of the federal Social Security Act (42 U.S.C. § 672(a)) as contained in the federal Foster Care Independence Act of 1999 (Public Law 106-169) and the child’s transitional independent living plan. Any cash savings shall be the child’s own money and shall be deposited by the child or on behalf of the child in any bank or savings and loan institution whose deposits are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation. The cash savings shall be for the child’s use for purposes directly related to the child’s or nonminor dependents’ transitional independent living case plan goals.

(b) The withdrawal of the savings by a child shall require the written approval of the child’s probation officer or social worker and shall be directly related to the goal of emancipation. This written approval is not required for withdrawals by a nonminor dependent.

(Amended by Stats. 2010, Ch. 559, Sec. 32. (AB 12) Effective January 1, 2011.)