(a) This chapter shall be known, and may be cited, as the California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account Act.

(b) The California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account Program is hereby established for the purpose of providing an eligible child with a trust account pursuant to this chapter.

Terms Used In California Welfare and Institutions Code 18997.5

  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC

(c) This chapter shall be construed liberally in order to effectuate its legislative intent of creating opportunities, economic autonomy, and hope, and to promote intergenerational wealth and asset building for an eligible child and eligible youth as one of the many strategies California must employ to reverse our state’s record level of inequality. The purposes of this chapter and all of its provisions with respect to the powers granted shall be broadly interpreted to effectuate that intent and those purposes and not as to any limitation of powers.

(Added by Stats. 2022, Ch. 569, Sec. 57. (AB 156) Effective September 27, 2022.)

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