<html> <head> <title>Rule 67:10:04:07 Exclusion of funds owned by dependent child.</title> <META NAME="Keywords" Content="Administrative Rules 67:10:04:07"> <META NAME="Description" Content="Administrative Rules 67:10:04:07 Exclusion of funds owned by dependent child."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>67:10:04:07.&nbsp;&nbsp;Exclusion of funds owned by dependent child.</b> The department excludes the first $1,000 of the cumulative balance of a dependent child's savings account, checking account, bonds, or certificates of deposits if all of the following conditions are met:</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;The excluded funds are owned solely by the dependent child or jointly with the caretaker or another adult relative;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;The child is at least a half-time student;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)&nbsp;&nbsp;The child is employed at least part-time or has been employed at least part-time in the preceding 12 months; and</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)&nbsp;&nbsp;A portion of the account was derived from the child's earnings.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 24 SDR 24, effective August 31, 1997.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=28-7A-3">28-7A-3(1)(3).</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=28-7A-3">28-7A-3(1)(3).</A></p> </div> </body> </html>