La. Admin. Code tit. 28 § VI-707
A. Words and terms not otherwise defined in these rules shall have the meanings ascribed to such words and terms in this Section. Where the masculine is used in these rules, it includes the feminine, and vice versa; where the singular is used, it includes the plural, and vice versa.
Account Owner-the person(s), organization or group that completes the START K12 Program owner's agreement on behalf of a beneficiary and is the account owner of record of all funds credited to the account.
Beneficiary-the person named by the account owner in the START K12 owner's agreement or the person named by the LATTA when authorized to make such a designation by the owner of an account that is classified under §711.A.5 as the individual entitled to apply the account balance, or portions thereof, toward payment of their qualified education expenses.
Beneficiary's Family-for the purpose of §711.A.5 one of the following persons:
a. the beneficiary's parent(s) or court ordered custodian; or
b. a person who claims the beneficiary as a dependent on his or her federal income tax return for the previous year; or
c. a person who certified that the beneficiary lives with him, that he provides more than 50 percent of the beneficiary's support for the previous year and that he was not required to file an income tax return for the previous year.
Current Value-the value of an education savings account at a given point in time.
a. The current value of fixed earnings investment options includes the accumulated value of the principal deposited and earnings on deposits.
b. The current value of variable earnings investment options includes the number of units in the investment option purchased multiplied by the current value of each unit. This value may be more or less than the amount originally deposited.
Deposits-the actual amount of money received from an account owner for investment in a START K12 account. Deposits do not include earnings on deposits.
Disabled or Disability-an individual who is considered to be disabled because he/she is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to be of long-continued and indefinite duration. An individual shall not be considered disabled unless he furnishes proof of the existence thereof in such form and manner as the LATTA may require.
Educational Term-a semester, quarter, term, summer session, inter-session, or an equivalent unit.
Eligible Educational Institution-a public or approved nonpublic elementary or secondary school in Louisiana that contains any of the grades kindergarten through twelve.
False or Misleading Information-a statement or response made by a person, which is knowingly false or misleading, and made for the purpose of establishing a program account and/or receiving benefits to which the person would not otherwise be entitled.
Fixed Earnings-the placement of all deposits in a START K12 Account, including the interest earned thereon, in investments that normally provide a fixed rate of return for a specific period of time.
Legal Entity-juridical person including, but not limited to, groups, trusts, estates, associations, organizations, partnerships, and corporations that are incorporated, organized, established, or authorized to conduct business in accordance with the laws of one or more states or territories of the United States. A natural person is not a legal entity.
Louisiana Education Tuition and Savings Fund (the Fund)-is a special permanent fund maintained by the Louisiana state treasurer for the purpose of the START Saving Program and the START K12 Program and is the account into which all initial deposits made to START K12 Program accounts are deposited.
Louisiana Office of Student Financial Assistance (LOSFA)-the agency of state government responsible for administering the START K12 Program under the direction of the Louisiana Tuition Trust Authority.
Louisiana Resident-
a. any person who resided in the state of Louisiana on the date of the application and who has manifested intent to remain in the state by establishing Louisiana as legal domicile, as demonstrated by compliance with all of the following:
i. if registered to vote, is registered to vote in Louisiana;
ii. if licensed to drive a motor vehicle, is in possession of a Louisiana driver's license;
iii. if owning a motor vehicle located within Louisiana, is in possession of a Louisiana registration for that vehicle;
iv. if earning an income, has complied with state income tax laws and regulations;
b. a member of the Armed Forces stationed outside of Louisiana who claims Louisiana on his/her official DD Form 2058 as his/her legal residence for tax purposes, and is in compliance with state income tax laws and regulations, shall be considered eligible for program participation;
c. a member of the Armed Forces stationed in Louisiana under permanent change of station orders shall be considered eligible for program participation;
d. persons less than 21 years of age are considered Louisiana residents if they reside with and are dependent upon one or more persons who meet the above requirements;
e. a legal entity is considered to be a Louisiana resident if it is incorporated, organized, established or authorized to conduct business in accordance with the laws of Louisiana or registered with the Louisiana Secretary of State to conduct business in Louisiana and has a physical place of business in Louisiana.
Louisiana Tuition Trust Authority (LATTA)-the statutory body responsible for the administration of the START Saving Program.
Maximum Allowable Account Balance-$180,000.
Member of the Family (with respect to the designated beneficiary)-
a. an individual who bears one of the following relationships to such beneficiary:
i. a son or daughter of the beneficiary, or a descendant of either;
ii. a stepson or stepdaughter of the beneficiary;
iii. a brother, sister, stepbrother, or stepsister of the beneficiary;
iv. the father or mother of the beneficiary, or an ancestor of either;
v. a stepfather or stepmother of the beneficiary;
vi. a son or daughter of a brother or sister of the beneficiary;
vii. a brother or sister of the father or mother of the beneficiary; or
viii. a son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law of the beneficiary; or
ix. a first cousin of the beneficiary; or
b. the spouse of an individual listed in Clauses a.i-viii.
Natural Person-a human being.
Other Person (with respect to any designated beneficiary)-any person, other than the beneficiary, whether natural or juridical, who is not a member of the family, including but not limited to individuals, groups, trusts, estates, associations, organizations, partnerships, corporations, and custodians under the Uniform Transfer to Minors Act (UTMA).
Owner's Agreement-the agreement for program participation that the account owner completes and signs. It incorporates, by reference, R.S. 17:3100.1 et seq., and the rules promulgated by the LATTA to implement this statutory provision and any other state or federal laws applicable to the agreement and the terms and conditions as set forth therein.
Person-a human being or a juridical entity.
Qualified Education Expenses-expenses for tuition in connection with enrollment or attendance at an elementary or secondary school in grades kindergarten through twelve.
Redemption Value-the cash value of the money in a START K12 Program account invested in a fixed earnings option that are attributable to the sum of the principal deposited and the earnings on principal authorized to be credited to the account by the LATTA, less any disbursements and refunds. The redemption value is not applicable to a START K12 Program account invested in variable earnings.
Refund Recipient-the person designated by the account owner in the START K12 Program owner's agreement or by operation of law to receive refunds from the account. The refund recipient can only be the account owner or the beneficiary.
START K12 Account-a savings account established by a natural person or a legal entity to pay qualified education expenses of the designated beneficiary.
Trade Date-the date that a deposit to an investment option that includes variable earnings is assigned a value in units, the date a disbursement or refund from an investment option that includes variable earnings is assigned a value, or the date of a change in investment options that includes variable earnings is assigned a value, whichever is applicable.
Tuition-the mandatory educational charge required as a condition of enrollment.
Variable Earnings-refers to that portion of funds in a START K12 Program account invested in equities, bonds, short-term fixed income investments or a combination of any of the three.
Variable Earnings Transaction Fund-the subaccount established within the Louisiana Education Tuition and Savings Fund to receive funds as directed by rule.
La. Admin. Code tit. 28, § VI-707