A. A child engaged in the work of content creation as described in subsection A of § 40.1-109.1 shall be compensated by the content creator. The content creator shall set aside gross earnings on the video content that includes the likeness, name, or photograph of the child in a trust account to be preserved for the benefit of the child upon attaining 18 years of age or having been declared emancipated, according to the following distribution:
1. Where only one child meets the content threshold described in § 40.1-109.1, the percentage of total gross earnings on any video segment including the likeness, name, or photograph of the child that is equal to or greater than half of the content percentage that includes the child as described in § 40.1-109.1; or
2. Where more than one child meets the content threshold described in § 40.1-109.1 and a video segment includes more than one of those children, the percentage described in subdivision 1 for all children in any segment shall be equally divided among the children, regardless of differences in percentage of content provided by the individual children.
B. A trust account required under this section shall provide, at a minimum, the following:
1. That the funds in the account shall be available only to the child engaged in the work of content creation;
2. That the account shall be held by a financial institution, corporate fiduciary, or trust company;
3. That the funds in the account shall become available to the child engaged in the work of content creation upon the child attaining the age of 18 years or when the child is declared emancipated; and
4. That the account meets the requirements of the Virginia Uniform Transfers to Minors Act (§ 64.2-1900 et seq.).
C. If a content creator knowingly or recklessly violates this section, a child engaged in the work of content creation as described in subsection A of § 40.1-109.1, or his parent or guardian on behalf of such child, may commence an action to enforce the provisions of this section regarding the trust account. The court may award, to a child who prevails in any action brought in accordance with this section, the following damages: (i) compensatory damages; (ii) punitive damages; and (iii) the costs of the action, including reasonable attorney fees and costs. No action shall be commenced under this section more than two years after the date on which the child engaged in the work of content creation attained 18 years of age.
D. This section does not affect any right or remedy available under any other provision of law.
E. Nothing in this section shall be construed to have any effect on a party that is neither the content creator nor the child engaged in the work of content creation.