§ 7-7.1 Child performer trust account

1. Scope. This section applies to contracts pursuant to which a child
performer:

(a) is employed or agrees to render artistic or creative services for
a fee, either directly or through a third-party individual or personal
services corporation (loan-out company), or through an agency or service
that provides artistic or creative services (casting agency); and

(b) agrees to purchase, or otherwise secure, sell, lease, or otherwise
dispose of literary, musical, or dramatic properties, or use of a
person's likeness, voice recording, performance, or story of or
incidents in his or her life, either tangible or intangible, or any
other rights therein for use in motion pictures, television, the
production of sound recordings in any format now known or hereafter
devised, the legitimate or living stage, or otherwise in the
entertainment field.

2. Establishment of child performer trust account. (a) Employer.
Within thirty days following the final day of employment, except when
the performance contract is a period longer than thirty days, a child
performer's employer is required to transfer fifteen percent of gross
earnings to the custodian of the child performer's child performer trust
account. When the employment is longer than thirty days, the employer
shall make the required transfer every payroll period. Transfers must
conform with part six of this article. The use of an instrument to make
the transfer which substantially conforms with section 7-6.9 is
sufficient. If the child performer's employer has not been notified
within fifteen days of the commencement of employment of the existence
of a child performer trust account, or no such account has been
established, then the child performer's employer shall transfer such
monies together with the child performer's name and last known address
to the state comptroller for placement into the child performer's
holding fund established in section ninety-nine-k of the state finance
law and such monies shall be administered by the state comptroller. Once
transfers have been made to the child performer's trust account or the
child performer's holding fund, as required by this subdivision, the
child performer's employer has no further duty under this section.

(b) Custodian and guardian. Within fifteen days of the commencement of
employment the child performer's guardian or custodian must establish a
child performer trust account in accordance with part six of this
article, unless an account has previously been established. Once the
child performer trust account has been established the child performer's
guardian or custodian shall notify the child performer's employer of the
existence of the account and any additional information required to make
transfers. The custodian of the account shall promptly notify the child
performer's employer of any change in facts which affect the employer's
obligation to set aside funds under this section. Upon request of the
parent, legal guardian or the child performer's guardian ad litem, the
custodian may require the child performer's employer to transfer more
than fifteen percent of the gross earnings to the child performer trust
account. The child performer's parent or legal guardian may serve as
custodian. Once the child performer trust account balance reaches two
hundred fifty thousand dollars or more a trust company shall be
appointed as custodian of the account.

(c) Termination of child performer trust account. The child performer
may terminate the child performer trust account upon reaching the age of
eighteen.

3. Standard for child performer trust accounts. Custodian management
of funds which are required to be placed into a child performer trust
account shall be subject to part six of this article, in all respects
except as provided in this section.