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Louisiana 529 changes signed into law

(October 1, 2003) - Governor Foster signed into law Act 221 (Senate Bill 471) that makes four changes to the START Savings program: (1) provides a new category of account owner to provide a higher state match for irrevocable donations made by philanthropists on behalf of needy students, (2) provides that an account must be open for 12 months or more in order to earn interest, (3) determines that accounts established by juridical persons may not be refunded but a new beneficiary may be named, and (4) provides for the presumption of unclaimed property if the account is unclaimed for a certain period of time.

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