This bill amends several sections of the Louisiana Revised Statutes concerning the administration of savings account programs, specifically the ABLE Account Program and the Louisiana Student Tuition Assistance and Revenue Trust Program. It grants the Louisiana Tuition Trust Authority the authority to enter into contracts with a program manager for the administration and investment of account funds. Key provisions include the transfer of certain funds within the Louisiana Education Tuition and Savings Fund to the program manager, and the stipulation that all ABLE accounts will be managed by the program manager once the contract is executed. The bill also establishes new definitions and provisions to ensure compliance with federal regulations related to qualified ABLE programs.

Furthermore, the bill outlines the responsibilities of the Louisiana Tuition Trust Authority in managing these savings accounts, including the requirement to notify legislative leaders and the state treasurer upon executing the contract with the program manager. It mandates that all future deposits into savings accounts be directed to the program manager, who must provide various investment options and regular reporting to account owners and the authority. The legislation aims to enhance the efficiency of savings account management in Louisiana and will take effect upon the governor's signature or after the designated period for bills to become law without a signature.

Statutes affected:
HB749 Original: 17:3084(A)(14), 17:3085(3), 17:3092(13), 17:3093(C)(3), 17:3095(A)(4), 17:2(12), 17:3(B)(3), 17:5(A)(4)
HB749 Engrossed: 17:3084(A)(14), 17:3085(3), 17:3092(13), 17:3093(C)(3), 17:3095(A)(4), 17:2(12), 17:3(B)(3), 17:5(A)(4)
HB749 Reengrossed: 17:3084(A)(14), 17:3085(3), 17:3092(13), 17:3093(C)(3), 17:3095(A)(4), 17:2(12), 17:3(B)(3), 17:5(A)(4)
HB749 Re-Reengrossed: 17:3084(A)(14), 17:3085(3), 17:3092(13), 17:3093(C)(3), 17:3095(A)(4), 17:2(12), 17:3(B)(3), 17:5(A)(4)
HB749 Enrolled: 17:3084(A)(14), 17:3085(3), 17:3092(13), 17:3093(C)(3), 17:3095(A)(4), 17:2(12), 17:3(B)(3), 17:5(A)(4)
HB749 Act 671: 17:3084(A)(14), 17:3085(3), 17:3092(13), 17:3093(C)(3), 17:3095(A)(4), 17:2(12), 17:3(B)(3), 17:5(A)(4)