Opinion Number

Dear Mr. Marceaux:

You have requested an opinion of the Attorney General, in your capacity as Executive Director of the State Licensing Board for Contractors (Board), regarding the Contractor's Education Trust Fund (Fund). You state that a recently completed audit of the Board reported that the Board failed to properly invest and secure funds held in the Fund. You specifically ask whether the Board maintains fiduciary responsibility over the Fund, which constitutes a private trust managed by an independent Board of Trustees (Trustees).

The statutory provisions comprising the Louisiana…