I am not sure where NashTitan got that FAQ from but it is wrong and/or old.

The current one has no mention about a level 60 requirement.

Basics
Must use before your 90 days are up
Can not make the toon your level or higher
Can not make the toon higher then 60

Like Fur said, this isn't the best place to ask this. WoW CS forums is best or petition a GM on line.

From http://forums.worldofwarcraft.com/th...65628748&sid=1
Granting Levels Q&A:

  • Q: So if I invite my friend, and they level to 60, does that
    mean I have a free 30 levels to gain? Or do these charges not stack?
    For example you gain 1 level to give, and only have 1 to give until I
    use it.

    • A: For every 2 levels a character on the trial account
      receives, one level may be gifted to a character on the veteran
      account. So, if a trial character, after he or she upgrades to the full
      client, levels to 60, a character on the veteran account may receive
      full 29 levels. The first giftable level is gained at level 3.


    Q: I have a level 29 character. If my friend levels to 60 does that mean I can use the gifted levels all the way to 58?

    • A: Yes! Remember though the character cannot grant a
      level to a character equal to or higher than their own level and may
      not grant levels past 60.


    Q: If I created a new account using Recruit-a-Friend, upgraded
    the account and used the Paid Character Transfer service to transfer my
    level 60 character over, would it then be able to gift one of my low
    level characters 29 levels?

    • A: No, gifting levels are earned as you level on the RaF
      account. A character that leveled exclusively on the RaF account would
      be able to grant a total of 29 levels by the time it reached level 60.
      For example if you transferred a level 30 character to the RaF account
      for every 2 levels that character gains on the RaF account you would
      receive 1 level that you could gift to the veteran account until level
      60 giving you a total of 15 levels.



    Q: Do I have to gift the levels right away?

    • A: No, you can gift them to a character on the veteran
      account as you earn them or in one lump sum. You must use them before
      the 90 day RaF period is up though. Once that time expires the levels
      you had saved to be granted to the veteran account will disappear as
      well.

    Q: I have a level 30 character and a level 20 character on the
    RaF account does that mean that I can give 23 levels to a level 25
    character on the veteran account?

    • A: You can only gift levels to characters that are below
      your level. So the level 30 character on the RaF account can only grant
      5 levels to the level 25 veteran character. The level 20 character
      would not be able to gift any levels to that character but could give 9
      levels to a level 1-10 character on the veteran account, the level 30
      could use the remaining 9 levels on any veteran character that is below
      its level. .

    Q: How do I gift a level to a character on the veteran account?

    • A: The character you want to give levels to must be
      online and close to you in order to do this. You need to Right-Click on
      their portrait and select "Grant a Level".


    Q: Can I get some clarification on that last one? How do I grant a level again?

    • A: Ok, let's break this down a bit. You have a character
      on the recruited account that levels from 1 to 60; that gives that
      character 29 levels that you can use to grant to a character or several
      characters on the veteran account that referred you.

      Lets keep it simple and say that you just want to grant the levels
      to one character on the veteran account. Your friend on the veteran
      account selects a level 25 character; the granting character must be
      standing near the veteran character in order to grant the level. You'll
      need right-click on their portrait, you should see the option "Grant a
      Level", and that is it. You'll be able to give all 29 levels to that
      character if you wish bringing it up to level 54.

      You can give the levels to one character or several on the veteran
      account, the requirements are as follows: they must be under the level
      of the granting character and you must use the levels before the 90 day
      Recruit a Friend period is up.