§3084. Louisiana Tuition Trust Authority; rules; compliance with federal requirements

            A. The authority shall, by adoption of rules pursuant to the Administrative Procedure Act and in consultation with the advisory council, provide for the following functions, policies, and requirements of the program and shall ensure through such rules that all of the following aspects of the program comply with all applicable provisions of Section 529A of the Internal Revenue Code and with any regulations pertaining to qualified ABLE programs issued pursuant thereto:

            (1) Individual eligibility factors, including the age limit before which a person's disability must have occurred in order to be deemed an eligible individual for purposes of the program.

            (2) Applicant documentation and other standards relating to determination of eligibility for the program.

            (3) The establishment and imposition of reasonable residency requirements for beneficiaries of those applying to establish an ABLE account.

            (4) The establishment and imposition of reasonable limits on the number of ABLE account participants.

            (5) The number of ABLE accounts per eligible individual.

            (6) The establishment and imposition of limits on maximum annual contributions to an ABLE account.

            (7) The establishment and imposition of limits on the amount that may accrue in an ABLE account on behalf of any designated beneficiary.

            (8) Separate accounting for each designated beneficiary.

            (9) A limitation on the number of times per year a designated beneficiary may direct the investment of contributions made to his ABLE account.

            (10) A prohibition on pledging of any interest in an ABLE account or any portion thereof to be used as security for a loan.

            (11) Safeguards to prevent aggregate contributions on behalf of a designated beneficiary in excess of the limit provided for in 26 U.S.C. 529A(b).

            (12) The establishment and imposition of restrictions on the substitution of one designated beneficiary for another.

            (13) The establishment and imposition of restrictions on the transfer of ownership of ABLE accounts.

            (14) The determination of the rate of interest to be paid on ABLE accounts of record at the close of a calendar year, provided that such rate is not a negative rate and is approved by the state treasurer.

            (15) Types and categories of qualified disability expenses.

            (16) Prevention of fraud and abuse with respect to amounts claimed as qualified disability expenses.

            (17) The disposition of abandoned accounts in compliance with federal and state law.

            (18) The establishment and imposition of restrictions on investment of deposits in an ABLE account and the interest earned thereon.

            B. In addition to ensuring that specified program aspects are in compliance with federal provisions and regulations as provided in Subsection A of this Section, the authority shall monitor such provisions and regulations for any revisions that would have an impact on the program and revise program rules as necessary to ensure conformance with federal laws and regulations.

            Acts 2016, No. 604, §1.