Louisiana Administrative Code
Title 28 - EDUCATION
Part VI - Student Financial Assistance-Higher Education Savings
Chapter 5 - Achieving a Better Life Experience (ABLE)
Section VI-513 - Disbursement of Account Funds for Payment of QDEs
Universal Citation: LA Admin Code VI-513
Current through Register Vol. 50, No. 9, September 20, 2024
A. Request for Disbursement
1. An ABLE account administrator may request
a disbursement at any time, but no more than twice per month.
2. The request for disbursement must include:
a. the ABLE account number;
b. the eligible Individual's name, address,
and Social Security number;
c. the
administrator's signature (may be electronic); and
d. the amount to be
disbursed.
3. Requests
for disbursements must be in whole dollar increments, must be no less than $200
and may be no more than the account balance.
4. In the event funds are invested in more
than one investment option, the disbursement shall be made proportionally from
each investment option in the account.
5. Disbursements will be made only to the
administrator of the account.
6.
Disbursements from investment options with variable earnings shall be assigned
a trade date of one business day after the business day of receipt of the
transfer request.
7. Disbursements
made during a period in which the person for whose benefit the account was
opened is not an eligible individual as defined in
§507 will not be considered qualified
disbursements.
B. Rate of Expenditure
1. The amount to be disbursed
from an account shall be drawn from deposits and interest in the same ratio as
these funds bear to the total value of the account as of the date of the
disbursement.
2. The administrator
may not withdraw an amount in excess of the QDEs of the eligible individual or
the value of the account, whichever is less.
AUTHORITY NOTE: Promulgated in accordance with R.S. 17:3081-3089.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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