§3100.2. Definitions
As used in this Chapter, the following terms have the following meanings unless the
context clearly indicates otherwise:
(1)"Authority" means the Louisiana Tuition Trust Authority.
(2)"Beneficiary" means a person designated in an education savings account owner's
agreement, or by the authority when authorized by an account owner meeting the
classification requirements of R.S. 17:3100.6(A)(1)(e), as the individual entitled to apply the
savings accrued in an education savings account to the payment of his qualified education
expenses.
(3)"Education savings account" is a savings account established by an individual,
a group of individuals, or an organization pursuant to the program created by this Chapter
for a beneficiary.
(4)"Elementary or secondary school" means a
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§3100.2. Definitions
As used in this Chapter, the following terms have the following meanings unless the
context clearly indicates otherwise:
(1) "Authority" means the Louisiana Tuition Trust Authority.
(2) "Beneficiary" means a person designated in an education savings account owner's
agreement, or by the authority when authorized by an account owner meeting the
classification requirements of R.S. 17:3100.6(A)(1)(e), as the individual entitled to apply the
savings accrued in an education savings account to the payment of his qualified education
expenses.
(3) "Education savings account" is a savings account established by an individual,
a group of individuals, or an organization pursuant to the program created by this Chapter
for a beneficiary.
(4) "Elementary or secondary school" means a public or approved nonpublic
elementary or secondary school in Louisiana that contains any of the grades kindergarten
through twelve.
(5) "Fixed earnings" means the placement of all the deposits in an education savings
account and the interest earned thereon in investments with fixed earnings.
(6) "Member of the family" means, with respect to any designated beneficiary:
(a) An individual who bears one of the following relationships to such beneficiary:
(i) Brother, sister, stepbrother, or stepsister.
(ii) Father or mother, or an ancestor of either.
(iii) Stepfather or stepmother.
(iv) Son or daughter of a brother or sister.
(v) Brother or sister of the father or mother.
(vi) Brother-in-law or sister-in-law.
(b) The spouse of any individual described in Subparagraph (a) of this Paragraph.
(7) "Other persons" means, with respect to any designated beneficiary, any person,
whether natural or juridical, who is not a member of the family, including but not limited to
individuals, groups, trusts, estates, associations, organizations, partnerships, and
corporations.
(8) "Qualified education expenses" are expenses for tuition in connection with
enrollment or attendance at an elementary or secondary school in grades kindergarten
through twelve.
(9) "Redemption value" means the cash value of the education savings account
attributable to the sum of the principal invested and the interest earned on principal and
authorized to be credited to the account by the authority less any fees due and imposed by
rule of the authority.
(10) "Trade date" means the date that a deposit to an investment option that includes
variable earnings is assigned a value in units, the date a disbursement or refund from an
investment option that includes variable earnings is assigned a value, or the date a change
in investment options that includes variable earnings is assigned a value, whichever is
applicable.
(11) "Tuition" means the expenses for tuition in connection with enrollment or
attendance at an elementary or secondary school, as delineated by the authority.
(12) "Variable earnings" means that portion of funds in an education savings account
invested in equities.
(13) "Variable Earnings Transaction Fund" means the subaccount established by the
state treasurer within the Tuition and Savings Fund to receive earnings funds as described
in R.S. 17:3100.5(F).