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HLS 26RS-1012 RE-REENGROSSED Regular Session HOUSE BILL NO.
ENROLLED Regular Session HOUSE BILL NO.
749 BY REPRESENTATIVE CARVER AND SENATOR FOIL FUNDS/INVESTMENTS:
749 BY REPRESENTATIVE CARVER AND SENATOR FOIL AN ACT To amend and reenact R.S.
Authorizes the Louisiana Tuition Trust Authority to contract with a program manager for the administration of certain savings accounts (ABLE, START, and START K12 programs) and the investment of account funds AN ACT To amend and reenact R.S.
17:3129.4(D), relativeto savings accountprograms;
17:3129.4(D), relative to savings account programs;
to provide for the administration of theABLE Account Program, the Louisiana Student Tuition Assistance and Revenue Trust Program, and the Louisiana Student Tuition Assistance and Revenue Trust Kindergarten Through Grade Twelve Program;
to providefortheadministration of the ABLE Account Program, the Louisiana Student Tuition Assistance and Revenue Trust Program, and the Louisiana Student Tuition Assistance and Revenue Trust Kindergarten Through Grade Twelve Program;
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HLS 26RS-1012 RE-REENGROSSED HB NO.
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749 Be it enacted by the Legislature of Louisiana:
749 ENROLLED Be it enacted by the Legislature of Louisiana:
powers relative to the administration of the program In addition to anyother powers conferredbythis Chapter, the authoritymay do any of the following:
powers relative to the administration of the program In addition to anyother powers conferred bythis Chapter, the authoritymay do any of the following:
* * * (3) Make,execute,anddelivercontracts,conveyances,andotherinstruments necessary to the exercise and discharge of the powers and duties of the authority, including contracts for the administration of ABLE accounts and the investment of Page 2 of 15 CODING:
* * * (3) Make,execute,anddelivercontracts,conveyances,andotherinstruments necessary to the exercise and discharge of the powers and duties of the authority, including contracts for the administration of ABLE accounts and the investment of Page 2 of 13 CODING:
HLS 26RS-1012 RE-REENGROSSED HB NO.
HB NO.
749 accountfundsinaccordancewithfederallaw,thisChapter,andChapter22-Cofthis Title.
749 ENROLLED accountfundsinaccordancewithfederallaw,thisChapter,andChapter22-Cofthis Title.
Notwithstanding any provision of this Section or any other provision of law to the contrary, beginning on the date of the execution of a contractbetweenthe authorityandaprogrammanagerasprovidedinChapter22-CofthisTitle,allABLE accounts may be administered, and all funds in such accounts may be invested, by the program manager.
Notwithstanding any provision of this Section or any other provision of law to the contrary, beginning on the date of the execution of a contract between the authorityandaprogrammanagerasprovidedinChapter22-CofthisTitle,allABLE accounts may be administered, and all funds in such accounts may be invested, by the program manager.
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HLS 26RS-1012 RE-REENGROSSED HB NO.
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749 (13) "Variableearnings"meansthatportionoffundsinaneducationsavings account invested in equities.
749 ENROLLED (13) "Variableearnings"meansthatportionoffundsinaneducationsavings account invested in equities.
(14) "VariableEarningsTransactionFund"meansthesubaccountestablished by the state treasurer within the Louisiana Education Tuition and Savings Fund to receiveearningsfundsasdescribedin R.S.
(14) "VariableEarningsTransactionFund"meansthesubaccountestablished by the state treasurer within the Louisiana Education Tuition and Savings Fund to receiveearnings funds asdescribedinR.S.17:3095(H)tobemaintainedbythestate treasurer until the date of the execution of a contract between the Louisiana Tuition Trust Authority and a program manager as provided in Chapter 22-C of this Title.
17:3095(H)to bemaintainedbythestate treasurer until the date of the execution of a contract between the Louisiana Tuition Trust Authority and a program manager as provided in Chapter 22-C of this Title.
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749 §3095.
749 ENROLLED §3095.
* * * (4) Subjecttothelimitationimposed byR.S.
* * * (4) Subjecttothelimitation imposed byR.S.17:3098(B),theauthorityshall guarantee, until the date of execution of a contract with a program manager as provided in Chapter 22-C of this Title, payment of the redemption value of an education savings account in which the deposits and interest are invested in fixed earnings.
17:3098(B),theauthorityshall guarantee, until the date of execution of a contract with a program manager as provided in Chapter 22-C of this Title, payment of the redemption value of an education savings account in which the deposits and interest are invested in fixed earnings.
* * * (2) Prior to the close of the calendar year in which the program is implemented and each year thereafter on a date specified bythe authority, the state treasurer shall determine and report to the authority, until the date of the execution of the authority's contract with a program manager, the total earnings and the rate of return achieved on deposits in the Louisiana Education Tuition and Savings Fund.
* * * (2) Prior to the close of the calendar year in which the program is implemented and each year thereafter on a date specified bythe authority, the state treasurer shall determine and report to the authority, until the date of the execution of the authority's contractwith a program manager, the total earnings and the rate of return achieved on deposits in the Louisiana Education Tuition and Savings Fund.
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749 J.(1) Beginning on the date of the execution of a contract between the authority and a program manager as provided in Chapter 22-C of this Title, monies in savings accounts as contained in the Louisiana Tuition and Savings Fund maybe administered and invested by the program manager.
749 ENROLLED J.(1) Beginning on the date of the execution of a contract between the authority and a program manager as provided in Chapter 22-C of this Title, monies in savings accounts as contained in the Louisiana Tuition and Savings Fund maybe administered and invested by the program manager.
17:3100.5(F) to be maintained by the state treasurer until the date of the execution of a contract between the authorityand a program manager as provided in Chapter 22-C of this Title.
17:3100.5(F) to be maintained by the state treasurer until the date of the execution of a contract between the authority and a program manager as provided in Chapter 22-C of this Title.
* * * (3) Make,execute,anddelivercontracts,conveyances,andotherinstruments necessary to the exercise and discharge of the powers and duties of the authority, including contracts for the administration of education savings accounts and Page 6 of 15 CODING:
* * * (3) Make,execute,anddelivercontracts,conveyances,andotherinstruments necessary to the exercise and discharge of the powers and duties of the authority, including contracts for the administration of education savings accounts and Page 6 of 13 CODING:
HLS 26RS-1012 RE-REENGROSSED HB NO.
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749 investment of account funds in accordance with federal law, this Chapter, and Chapter 22-C of this Title.
749 ENROLLED investment of account funds in accordance with federal law, this Chapter, and Chapter 22-C of this Title.
* * * (f) The Until thedateoftheexecutionof a contractwith a program manager as provided in Chapter 22-C of this Title, the rate of interest to be paid on education savings accounts of record at the close of a calendar year.
* * * (f) The Until the date of the executionofacontractwith aprogram manager as provided in Chapter 22-C of this Title, the rate of interest to be paid on education savings accounts of record at the close of a calendar year.
17:3100.7(B), the authority shall guarantee,until thedateofthe execution of a contractwith aprogrammanager as provided in Chapter 22-C of this Title, payment of the redemption value of an education savings account in which the deposits and interest are invested in fixed earnings.
17:3100.7(B), the authority shall guarantee,until the dateoftheexecutionofacontractwith aprogram manager as provided in Chapter 22-C of this Title, payment of the redemption value of an education savings account in which the deposits and interest are invested in fixed earnings.
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749 J.(1) Beginning on the date of the execution of a contract between the authorityandaprogrammanager,moniesineducationsavingsaccountsascontained in the Louisiana Tuition and Savings Fund maybe administered and invested bythe program manager.
749 ENROLLED J.(1) Beginning on the date of the execution of a contract between the authorityandaprogrammanager,moniesineducationsavingsaccountsascontained in the Louisiana Tuition and Savings Fund maybe administered and invested bythe program manager.
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749 §3100.22.
749 ENROLLED §3100.22.
(2) Any requirement of this Chapter determined to be more restrictive than therequirementsofthefederalInternalRevenueCodeasapplicabletosuchatuition program or ABLE program maybe modified to conform with code requirements by the authority by rule promulgated in accordance with the Administrative Procedure Act.
(2) Any requirement of this Chapter determined to be more restrictive than therequirementsofthefederalInternalRevenueCodeasapplicabletosuchatuition program or ABLE program maybe modified to conform with code requirements by the authoritybyrule promulgated in accordance with the Administrative Procedure Act.
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The authority may enter into a contract with a program manager to administer savings accounts and to Page 9 of 15 CODING:
The authority may enter into a contract with a program manager to administer savings accounts and to invest the funds in suchaccounts.
Theprogrammanagershallberequiredunderthe Page 9 of 13 CODING:
HLS 26RS-1012 RE-REENGROSSED HB NO.
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749 invest the funds in such accounts.
749 ENROLLED contract to provide qualifying savings account owners with access to enrollment in an operating qualified tuition program as defined in Section 529 of the federal Internal Revenue Code, as amended, or a qualified ABLE program as defined in Section 529A of the federal Internal Revenue Code, as amended.
Theprogrammanagershallberequiredunderthe contract to provide qualifying savings account owners with access to enrollment in an operating qualified tuition program as defined in Section 529 of the federal Internal Revenue Code, as amended, or a qualified ABLE program as defined in Section 529A of the federal Internal Revenue Code, as amended.
The monies in the Savings Enhancement Fund shall remain in the state treasury, and the treasurer shall continue to administer the Savings Enhancement Fundinaccordancewith R.S.
The monies in the Savings Enhancement Fund shall remain in the state treasury, and the treasurer shall continue to administer the Savings Enhancement Fund in accordancewithR.S.17:3129.4forthepurposesprovidedinChapters22-A and 22-B of this Title.
17:3129.4forthepurposesprovidedinChapters22-A and 22-B of this Title.
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749 (3) Collect and report data to the legislative auditor for purposes of audits.
749 ENROLLED (3) Collect and report data to the legislative auditor for purposes of audits.
(8) Provide quarterly reporting to the authority on the total number of accountsandtotal assetsbyaccounttype,includingthenumberofnewaccountsand the number of closed accounts.
(8) Provide quarterly reporting to the authority on the total number of accountsandtotalassetsbyaccounttype,includingthenumberofnewaccountsand the number of closed accounts.
Notificationofcontract;presidingofficersofthelegislatureandthestate treasurer Theauthorityshall submit written notificationtothespeakeroftheHouseof Representatives, the president of the Senate, and the state treasurer of the execution of a contract with a program manager within twenty-four hours following such execution.
Notificationofcontract;presidingofficersofthelegislatureandthe state treasurer Theauthorityshall submit writtennotificationtothespeakeroftheHouseof Representatives, the president of the Senate, and the state treasurer of the execution of a contract with a program manager within twenty-four hours following such execution.
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749 §3100.26.
749 ENROLLED §3100.26.
Notwithstanding anyprovision of law to the contrary and as provided in Chapter 22-C of this Title:
Notwithstanding any provision of law to the contraryand as provided in Chapter 22-C of this Title:
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749 Section 3.
749 ENROLLED Section 3.
This Act shall become effectiveupon signature bythe governor or, if not signedbythegovernor,uponexpirationofthetimeforbillstobecomelawwithoutsignature by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana.
This Act shall become effective upon signature bythe governor or, if not signedbythegovernor,uponexpirationofthetimeforbillstobecomelawwithoutsignature by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana.
If vetoed bythe governorand subsequentlyapprovedbythe legislature, this Act shall become effective on the dayfollowing such approval.
If vetoed bythe governorand subsequentlyapproved bythe legislature, this Act shall become effective on the dayfollowing such approval.
DIGEST ThedigestprintedbelowwaspreparedbyHouseLegislative Services.
SPEAKER OF THE HOUSE OF REPRESENTATIVES PRESIDENT OF THE SENATE GOVERNOR OF THE STATE OF LOUISIANA APPROVED:
It constitutes nopart of the legislative instrument.
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The keyword, one-liner, abstract, and digest do not constitute part of the law or proof or indicia of legislative intent.
[R.S.
1:13(B) and 24:177(E)] HB 749 Re-Reengrossed 2026 Regular Session Carver Abstract:
Authorizes the La.
Tuition Trust Authority to contract with a program manager for the administration of the ABLE, START, and START K12 programs and the management of program accounts.
ABLE, START, and START K12 programs, generally Present law provides for the ABLE program, the START program, and the START K12 program, all of which are savings account programs administered by the La.
Tuition Trust Authority(LATTA), which is governed bythe Bd.
of Regents.
Provides for the investment ofaccountfundsbythestatetreasurer.
ProvidesthatABLEaccountsfundsareforqualified expenses of persons with disabilities and START and START K12 account funds are for qualified education expenses, all as defined by federal law.
Proposed law authorizes LATTA to contract with a program manager for the administration of accounts and the investment of account funds.
LATTA PresentlawprovidesforLATTA'spowersanddutieswithrespecttoaccountadministration, including:
(1) The requirement that it provide by rule for the determination of the rate of interest to be paid on accounts at the close of a calendar year.
Proposed law applies this requirement until the date of the execution of a contract with a program manager.
(2) The authorization to make, execute, and deliver contracts, conveyances, and other instruments necessary to the exercise of its powers and duties.
Proposed law specifies that such contracts include those for the administration of accounts and investment of account funds in accordance with federal law, present law, and proposed law.
(3) For START accounts, the requirement that LATTA guarantee payment of the redemption value of an account in which the deposits and interest are invested in fixed earnings.
Proposed law applies this requirement until the date of execution of a contract with a program manager as provided in proposed law.
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HLS 26RS-1012 RE-REENGROSSED HB NO.
749 La.
Education Tuition and Savings Fund PresentlawprovidesfortheLa.EducationTuitionandSavings Fund("Tuition andSavings Fund") which contains account funds.
Provides for a subaccount within the fund, the Savings Enhancement Fund, which contains monies appropriated bythe legislature to fund earnings enhancements for START accounts.
Proposed law provides:
(1) Beginningon thedateoftheexecutionofacontractbetweenLATTAandaprogram manager, monies in ABLE, START, and START K12 accounts as contained in the Tuition and Savings Fund may be administered by the program manager.
(2) On the date of the execution of a contractbetweenLATTA and a program manager, moniesinABLE,START,andSTARTK12accountsascontainedintheTuitionand Savings Fund shall be transferred to the program manager, except for the contents oftheSavingsEnhancementFund,whichshallcontinuetobesubjecttopresentlaw, including provisions relative to investment by the treasurer.
Present law requires the following:
(1) Thetreasurerto determineandreportto LATTAthetotal earnings and rate of return achieved on the Tuition and Savings Fund.
(2) LATTA to establish the rate of interest to be applied to the accumulated principal and interest in accounts, subject to approval bythe treasurer.
(3) LATTA to calculate and credit the appropriate amount of interest earnings to each such account prior to the close of the calendar year.
Proposed law applies the above requirements the date of the execution of a contract with a program manager.
Present law provides for the Variable Earnings Transaction Fund, a subaccount within the TuitionandSavingsFundthatreceivesearningsfundsasprovidedinpresentlawforSTART and START K12 accounts.
Proposed law specifies that this subaccount is to be maintained by the state treasurer until the date of the execution of a contract between LATTA and a program manager.
Implementation Proposed law requires LATTA and the state treasurer to coordinate the transfer of information necessaryfor the transfer of ABLE, START, and START K12 accounts to the program manager and the implementation of all other proposed law.
Notification Proposed law requiresLATTA to submit written notification to the speakerof the House of Representatives, the president of the Senate, and the state treasurer of the execution of a contract with a program manager within 24 hours following such execution.
Effective upon signature of governor or lapse of time for gubernatorial action.
(AmendsR.S.17:3084(A)(14),3085(3),3086,3092(13)and(14),3093(C)(3)and(D)(1)(f), 3095(A)(4) and (E)(2), 3100.2(12) and (13), 3100.3(B)(3) and (C)(1)(f), and 3100.5(A)(4);
Adds R.S.
17:3090(E), 3099(I) and (J), 3100.5(G), 3100.8(I)and(J),3100.21-3100.26,and R.S.
17:3129.4(D)) Page 14 of 15 CODING:
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HLS 26RS-1012 RE-REENGROSSED HB NO.
749 Summary of Amendments Adopted by House The Committee Amendments Proposed by House Committee on Appropriations to the engrossed bill:
1.
Change timing of provisions in proposed law from Dec.
31, 2026, or the date of execution of a contract with a program manager, whichever occurs later, to the date of execution of a contract with a program manager.
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