§ 17:3100.8 — Louisiana Education and Tuition Savings Fund; use

Louisiana § 17:3100.8

• Jurisdiction: Louisiana
• Title 17: Credit Union Law

Text

§3100.8. Louisiana Education and Tuition Savings Fund; use
A. The assets of the authority reserved for payment of the obligations of the authority
pursuant to its agreements with account owners shall be placed in the Louisiana Education
Tuition and Savings Fund created pursuant to R.S. 17:3129.4(C). Funds received by the
authority from persons making deposits in their education savings accounts, all interest and
investment income earned by the fund, and all other receipts of the authority from any other
source which the authority determines appropriate shall be deposited in the fund. Any claim
for redemption or withdrawal pursuant to an education savings account owner's agreement
shall be solely against the assets of the fund. No account owner or beneficiary of an
education savings account shall have any claim against the state general fund or other funds
or revenue sources of the state, or against the funds of any elementary or secondary school.
B. Unless otherwise provided by the authority, the assets of the START K12
Program in the Tuition and Savings Fund shall be expended in the following order:
(1) To make payments to beneficiaries or elementary or secondary schools on behalf
of beneficiaries.
(2) To make refunds.
C. Notwithstanding the provisions of any other law, if at any time the amount in the
Tuition and Savings Fund is insufficient to meet the payment demands made upon the fund
which represent obligations listed in Subsection B of this Section, then the funds necessary
to meet these payment obligations in full shall be appropriated.
D. All disbursements from the program shall be made by the treasurer on order of
the authority.
E. The treasurer shall cause the investment of the assets of the program in the fund
and, notwithstanding R.S. 17:3129.4(C), may cause investment in any investments in which
public retirement boards are authorized by law to invest, provided that up to one hundred
percent of deposits to an education savings account may be invested in equity securities when
an account owner has selected an equity investment option and that such investments in
equity securities shall not be included in any limitation on investment in equity securities.
The instruments of title of all investments shall be delivered to the state treasurer or to a
qualified trustee designated by him. Assets of the program in the fund shall be administered
by the treasurer so that the assets will achieve the highest possible investment return to
education savings accounts consistent with the security of principal, and be sufficient to
satisfy the obligations of the authority.
F. The authority shall maintain an individual account for each account owner's
agreement showing the beneficiary of that agreement and the accumulated value of the
principal deposited and interest earned on deposits pursuant to that agreement. Upon request
of any beneficiary or person who has entered into an account owner's agreement, the
authority shall provide a statement indicating, in the case of a beneficiary or in the case of
a person who has entered into an account owner's agreement, the accumulated value of the
principal deposited, interest earned on deposits, and the amounts used or refunded, pursuant
to the agreement. A beneficiary and an account owner may request a statement under this
Subsection at any time, subject to any fee that the authority may impose for requests in
excess of one per year.
G. In January of each year, the authority shall report to each person who received any
payment or refund from the authority during the preceding year information relative to the
value of such payment or refund.
H. All records of the authority indicating the identity of owners and beneficiaries of
education savings accounts and the amounts used or refunded under an account owner's
agreement are not public records.

Legislative History

Acts 2018, No. 687, §2, eff. May 30, 2018.