Why must parents/guardians open a trust account for their child?
• The law requires employers to deposit at least 15% of the performer’s earnings in a trust account. If no trust account information is given to the employer within 15 days of the commencement of employment, the employer is required to turn this money over to the State Comptroller to be held in the child performer’s name until he/she reaches the age of majority. In addition, the Department of Labor is prohibited from issuing a renewal or future permit to a child performer unless trust account information is provided.
Related Questions
- Why are parents or guardians who pay for their child (or children’s) housing, not permitted to obtain information about their account or general concerns about housing?
- What can parents/guardians do to protect their child from exploitation in the talent industry?
- For Parents and Guardians: How do I activate my childs KidVideos account?
