§ 17:3093 — Louisiana Tuition Trust Authority; creation; powers

Louisiana § 17:3093

• Jurisdiction: Louisiana
• Title 17: Credit Union Law

Text

§3093. Louisiana Tuition Trust Authority; creation; powers
A. There is hereby created the Louisiana Tuition Trust Authority, which, under the
authority of the Board of Regents, shall have the powers enumerated in this Chapter.
B.(1) The Louisiana Tuition Trust Authority shall be governed by the Board of
Regents, except as modified by Paragraph (2) of this Subsection, and hereafter in this
Chapter shall be referred to as the authority. The authority shall operate under the same laws,
rules, and guidelines and with the same officer selection and employment policies as the
Board of Regents, except when inconsistent with this Chapter. The commissioner of higher
education or his designee shall serve as chairman of the authority.
(2) The membership of the authority shall consist of the following persons:
(a) The members of the Board of Regents.
(b) The commissioner of higher education or his designee.
(c) An officer of a bank in Louisiana who is a member of the Louisiana Bankers'
Association and who is nominated by the association and appointed by the governor.
(d) One member of the House of Representatives appointed by the speaker and one
member of the Senate appointed by the president.
(e) The state treasurer who shall be an ex officio voting member of the authority.
(3) The authority shall meet at least annually at the call of the chairman and at such
other times as the chairman or the authority determines necessary. The chairman may
establish and delegate to an executive committee such duties and responsibilities as the
authority determines appropriate, except that the authority may not delegate to the executive
committee the final determination of the rate of interest to be paid on education savings
accounts of record at the close of the calendar year. Upon such delegation, the executive
committee shall have the authority to act pursuant to such delegation without further
approval or action by the authority.
(4) A majority of the authority shall constitute a quorum of the authority, and the
affirmative vote of a majority of the members present shall be necessary for any action taken
by the authority. A majority of the executive committee shall constitute a quorum of the
executive committee, and the affirmative vote of a majority of the executive committee
members present shall be necessary for any action taken by the executive committee. No
vacancy in the membership of the authority or the executive committee shall impair the rights
of a quorum to exercise all rights and perform all duties of the authority or the executive
committee respectively.
C. In addition to any other powers conferred by this Chapter, the authority may do
any of the following:
(1) Purchase insurance from insurers licensed to do business in this state providing
for coverage against any loss in connection with the authority's property, assets, or activities
or to further ensure the value of education savings accounts.
(2) Indemnify or purchase policies on behalf of members, officers, and employees
of the authority from insurers licensed to do business in this state providing for coverage for
any liability incurred in connection with any civil action, demand, or claim against a director,
officer, or employee by reason of an act or omission by the director, officer, or employee that
was not manifestly outside the scope of his employment or official duties or with malicious
purpose, in bad faith, or in a wanton or reckless manner.
(3) Make, execute, and deliver contracts, conveyances, and other instruments
necessary to the exercise and discharge of the powers and duties of the authority.
(4) Promote, advertise, and publicize the Louisiana Student Tuition Assistance and
Revenue Trust Program.
(5) Enter into agreements with any agency of the state or its political subdivisions
or with private employers under which an employee may agree to have a designated amount
deducted in each payroll period from the wages or salary due him for the purpose of
depositing said funds in the education savings account established by the employee.
(6) Solicit, accept, and expend gifts or grants.
D.(1) The authority shall, by adoption of rules pursuant to the Administrative
Procedure Act, provide for the following:
(a) The establishment and imposition of reasonable residency requirements for
beneficiaries of those applying to establish an education savings account.
(b) The establishment and imposition of reasonable limits on the number of
education savings account participants.
(c) The establishment and imposition of limits on the amount which may accrue in
an account on behalf of any beneficiary.
(d) The establishment and imposition of restrictions on the substitution of one
beneficiary for another.
(e) The establishment and imposition of restrictions on the transfer of ownership of
education savings accounts.
(f) The determination of the rate of interest to be paid on education savings accounts
of record at the close of a calendar year, provided that such rate is not a negative rate and is
approved by the state treasurer.
(g) The disposition of abandoned accounts in compliance with state law.
(h) The establishment and imposition of restrictions on investment of deposits in an
education savings account and the interest earned thereon.
(i) A procedure for the authority to identify qualified students for designation as
beneficiary when authorized to make such a designation by an account owner meeting the
classification requirements of R.S. 17:3096(A)(1)(e).
(2) The authority may, but only by adoption of rules pursuant to the Administrative
Procedure Act, provide for any of the following:
(a) The establishment, imposition, and collection of necessary and proper fees in
connection with service provided or cost incurred in the implementation or administration
of this Chapter.
(b) Such other rules as are necessary and proper for the implementation and
administration of this Chapter.

Legislative History

Acts 1995, No. 547, §1, eff. June 18, 1995; Acts 1997, No. 1416, §1, eff. July 15, 1997; Acts 2001, No. 332, §1, eff. June 6, 2001; Acts 2003, No. 221, §2, eff. June 5, 2003; Acts 2004, No. 201, §1, eff. July 1, 2004; Acts 2016, No. 314, §3(A).