Louisiana § 17:4037.6 Account funds

Louisiana Statutes

§ 17:4037.6 — Account funds

Louisiana § 17:4037.6

Title 17Credit Union Law

This text of Louisiana § 17:4037.6 (Account funds) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

La. Stat. Ann. § 17:4037.6 (2026).

Text

§4037.6. Account funds A. The department, on a quarterly basis, shall allocate funds, in an amount determined by the state board, to each account from funds appropriated or otherwise made available for the program. B.

(1)The amount allocated to an account shall be prorated if a student transfers into the program after the beginning of a school year.

(2)If a participating school or service provider requires partial payment of tuition or fees prior to the start of the school year to reserve space for a student, the department may make the partial payment prior to the start of the school year and deduct the amount from subsequent quarterly account deposits to ensure that adequate funds remain available throughout the school year; however, if the parent decides not to use the school or servic

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§4037.6. Account funds
A. The department, on a quarterly basis, shall allocate funds, in an amount
determined by the state board, to each account from funds appropriated or otherwise made
available for the program.
B.(1) The amount allocated to an account shall be prorated if a student transfers into
the program after the beginning of a school year.
(2) If a participating school or service provider requires partial payment of tuition
or fees prior to the start of the school year to reserve space for a student, the department may
make the partial payment prior to the start of the school year and deduct the amount from
subsequent quarterly account deposits to ensure that adequate funds remain available
throughout the school year; however, if the parent decides not to use the school or service
provider, the school or service provider shall return the partial reservation payment to the
department which shall credit the amount to the account.
C. The department shall implement a system for parents to direct funds from
accounts to participating schools and service providers for qualified education expenses by
electronic or online funds transfer. The system shall also allow parents to publicly rate,
review, and share information about participating schools and service providers.
D.(1) Account funds shall be used only for qualified education expenses for the
participating student. Funds in a student's account that are not used in a given school year
shall be retained in the account for future use.
(2) The department shall continue to allocate funds to an account until any of the
following occurs, at which point the account shall be closed and funds returned to the state
general fund:
(a) The parent enrolls the student full-time in a public school.
(b) The department determines that a parent has failed to comply with the provisions
of this Chapter or state board rules pertaining to the program, including but not limited to a
determination that the parent has misused account funds.
(c) The parent withdraws the student from the program.
(d) The student graduates from high school.
(e) The account has been inactive for two consecutive years unless inactivity is due
to lack of available funding for accounts.
E. No account funds shall be refunded, rebated, or shared with a parent or student
in any manner. Any rebate or refund for goods or services purchased with account funds shall
be credited directly to the account.