Amends the Uniform Custodial Trust Act to specify that for a minor in theatrical employment with a gross income of at least $5,000 on a project or $20,000 in a calendar year: a parent or legal guardian of the minor is required to establish a trust account for the minor with an independent third-party trustee; and the employer of the minor is required to deposit a portion of the minor's earnings into the trust account until the minor becomes an adult. Makes misappropriation or fraudulent use of funds within the trust account a breach of fiduciary duty subject to penalties. Effective 7/1/3000. (HD3)

Statutes affected:
HB874: 390-1
HB874 HD1: 390-1
Latest: 390-1