45 CFR 2530.30 - What steps are necessary to transfer an education award?
(a) Request for Transfer. Before transferring an award to a designated individual, the Corporation must receive a request from the transferring individual, including—
(1) The individual's written authorization to transfer the award, the year in which the award was earned, and the specific amount of the award to be transferred;
(3) A certification that the transferring individual meets the requirements of paragraphs (a) through (c) of§ 2530.10; and
(4) A certification that the designated individual is the child, grandchild, or foster child of the transferring individual.
(b) Notification to Designated Individual. Upon receipt of a request including all required information listed in paragraph (a) of this section, the Corporation will contact the designated individual to notify the individual of the proposed transfer, confirm the individual's identity, and give the individual the opportunity to accept or reject the transferred award.
(c) Acceptance by Designated Individual. To accept an award, a designated individual must certify that the designated individual is the child, grandchild, or foster child of the transferring individual and that the designated individual is a citizen, national, or lawful permanent resident alien of the United States. Upon receipt of the designated individual's acceptance, the Corporation will create or permit the creation of an account in the National Service Trust for the designated individual, if an account does not already exist, and the accepted amount will be deducted from the transferring individual's account and credited to the designated individual's account.
Title 45 published on 2014-10-01.
No entries appear in the Federal Register after this date, for 45 CFR Part 2530.