House Bill No. HLS 26RS-1012, introduced by Representative Carver and Senator Foil, aims to improve the administration of savings account programs in Louisiana, specifically the ABLE, START, and START K12 programs. The bill empowers the Louisiana Tuition Trust Authority (LATTA) to contract with a program manager for the management and investment of account funds. Key provisions include the transfer of savings account funds to the program manager upon contract execution, while the Savings Enhancement Fund will continue to be managed by the state treasurer. LATTA is also required to notify legislative leaders and the state treasurer within 24 hours of executing the contract, ensuring transparency and coordination.

The legislation amends several sections of the Louisiana Revised Statutes, introducing new definitions and provisions related to the management of these savings accounts, including the establishment of a new Chapter 22-C. This chapter outlines the responsibilities of the program manager, which include offering investment options, administering accounts, and providing necessary reports and tax documents to account owners. The bill emphasizes compliance with federal regulations and tax codes, aiming to streamline the management of educational savings accounts while ensuring adherence to applicable laws. The proposed law will take effect upon the governor's signature or after the lapse of the time for gubernatorial action.

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)