HB 749: FUNDS/INVESTMENTS: 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 (EN +$4,000,000 GF EX See Note) - Louisiana

HB749 Original → HB749 Act 671 · 4 edits

MODERATE

HB 749 was enrolled as Act 671, updating the bill's title to reflect co-sponsorship by Representative Carver and Senator Foil and reducing the document length from 15 to 13 pages. The substantive policy changes involve shifting the transition date for ABLE account administration from a fixed calendar date (December 31, 2026) to a flexible trigger based on the execution of a contract with a program manager. This change ensures the program can begin operations immediately upon contracting rather than waiting for a specific year-end, while also adding new definitions for 'Variable Earnings Transaction Fund' and clarifying interest rate approval requirements.

Scope change

The bill's operational timeline changed from a fixed date to a contract-execution trigger, allowing for earlier implementation of the program manager arrangement.

TIMELINE

The deadline for transitioning ABLE account administration to a program manager changed from 'December 31, 2026' to 'the date of the execution of a contract,' allowing the program to start sooner if a contract is signed earlier.

DEFINITION

A new definition was added for 'Variable Earnings Transaction Fund,' creating a specific subaccount to hold earnings until the program manager contract is executed.

REQUIREMENT

Interest rates paid on ABLE accounts must now be explicitly approved by the state treasurer, adding a layer of oversight to the rate-setting process.

TECHNICAL

The bill header was updated to include Senator Foil as a co-sponsor and the page count was reduced from 15 to 13 pages.

HB749 Enrolled → HB749 Original · 4 edits

MODERATE

The bill was renumbered from 'Enrolled' to 'Original' to reflect its status in the legislative process. The primary substantive change is a timeline adjustment that delays the authority to contract with a program manager for administering ABLE and START accounts until December 31, 2026, or the date of contract execution, whichever occurs later, instead of an indefinite period tied solely to the contract date. This change provides a fixed sunset date for the current administrative arrangement, ensuring the program operates under the existing framework until the new contract is finalized.

Scope change

The scope of the bill's operational timeline was modified to include a specific end date (December 31, 2026) for the current administration of ABLE accounts, creating a mandatory transition point regardless of when a new contract is signed.

TIMELINE

The date triggering the shift to a program manager for ABLE account administration was changed from 'the date of execution of a contract' to 'December 31, 2026, or the date of the execution of a contract, whichever occurs later.'

The indefinite period for determining interest rates on ABLE accounts was similarly updated to include the December 31, 2026 deadline.

TECHNICAL

The co-sponsorship by Senator Foil was removed from the bill's header, leaving Representative Carver as the sole sponsor.

The document header was updated from 'ENROLLED' to 'ORIGINAL' and the page count was adjusted from 13 to 15.

HB749 Re-Reengrossed → HB749 Enrolled · 2 edits · May 29, 2026

MINOR

The bill was finalized into its enrolled version, removing internal tracking headers and page count placeholders while updating the total page count from 15 to 13. Substantively, new definitions were added to clarify how earnings from education savings accounts are managed, and a specific subaccount was established within the state treasury to hold these earnings until a contract with a program manager is executed.

Scope change

The bill's scope remains focused on the administration of education savings accounts, but the operational scope was refined by adding a specific mechanism for holding variable earnings before they are invested.

DEFINITION

Added a new definition for 'Variable Earnings Transaction Fund' to specify a state treasury subaccount for holding earnings from education savings accounts until a program manager contract is signed.

TECHNICAL

Removed internal legislative tracking text, including the 'RE-REENGROSSED' status, funding notes, and page count references (changing from 15 to 13 pages).

HB749 Reengrossed → HB749 Re-Reengrossed · 1 edit · May 28, 2026

MINOR

The bill text has been re-engrossed, meaning it has been amended and reprinted for the second time in the current legislative session. The changes are primarily technical, involving the update of the document title from 'REENGROSSED' to 'RE-REENGROSSED' to reflect this new version. No substantive policy changes, such as new funding, eligibility rules, or definitions, are indicated in this specific diff.

TECHNICAL

Updated the document header and title from 'REENGROSSED' to 'RE-REENGROSSED' to indicate a second revision of the bill.

HB749 Engrossed → HB749 Reengrossed · 3 edits · May 28, 2026

MINOR

The bill was reengrossed to update the timeline for transferring ABLE account administration to a program manager, removing a specific 2026 deadline in favor of a contract-based start date. Additionally, a new definition was added to clarify the term 'Variable Earnings Transaction Fund' within the legislation.

Scope change

The applicability of the ABLE account administration transfer is now contingent solely on the execution of a contract with a program manager, rather than being tied to a fixed calendar date.

TIMELINE

Removed the fixed deadline of December 31, 2026, for transferring ABLE account administration to a program manager.

REQUIREMENT

Updated the trigger for ABLE account administration transfer to depend entirely on the date a contract is executed with a program manager.

DEFINITION

Added a new definition for 'Variable Earnings Transaction Fund' to clarify its status as a subaccount.

FUNDS/INVESTMENTS: 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 (EN +$4,000,000 GF EX See Note)

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