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School districts may create a policy allowing students to be released for religious study, or they may choose not to coordinate with released-time programs and require the students' legal guardians facilitate the process.
Read more about "May" and "Shall" state laws

Full Law Text Link to State Law

380.1561 Compulsory attendance at public school; enrollment dates; exceptions.
Sec. 1561.

(3) A child is not required to attend a public school in any of the following cases:
(d) The child is regularly enrolled in a public school while in attendance at religious instruction classes for not more than 2 class hours per week, off public school property during public school hours, upon written request of the parent, guardian, or person in loco parentis.

All school districts, regardless of whether they are required by law to allow released time, should implement good policy and be prepared for when a released time program may approach the district. The time to set the policy is before an active program is pressuring the district. Research polices the district can implement to protect teachers' and students' instruction time. Set polices that limit disruptions to students and the ability for proselytization to occur, impacting other students of faith or no faith. A more detailed write-up on school board policies can be read here.