(1) In order for a qualified student to participate in the Montana special needs equal opportunity education savings account program during the time periods designated by the superintendent of public instruction pursuant to 20-7-1706, the superintendent of public instruction shall require parents of qualified students who wish to participate in the program to notify the superintendent of public instruction and sign a contract with the superintendent of public instruction to do the following:
(a) utilize account funds to procure allowable educational resources under 20-7-1704 to develop the qualified student's full educational potential;
(b) release the resident school district from all obligations to educate the qualified student, including any requirements that the district provide a free and appropriate education to the qualified student or develop an individualized education program for the qualified student;
(c) submit to the superintendent of public instruction copies of receipts for allowable educational resources for reimbursement;
(d) if the qualified student is re-enrolled in a public school, immediately notify the superintendent of public instruction; and
(e) if the qualified student enrolls at a qualified school, ensure that the qualified student:
(i) remains in attendance unless excused by the qualified school for illness or other good cause; and
(ii) complies with the qualified school's published policies.
(2) If a qualified student re-enrolls full-time in a public school district, the superintendent of public instruction shall terminate payments for the student to the Montana special needs equal opportunity education savings account.