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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

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§1224-A. Release time for religious observance

Public school students who participate in a course of moral instruction or a religious observance at their place of worship or other suitable place may be granted release time for the period actually spent on that instruction or observance, up to a maximum of one hour per week. The granting of release time shall be at the option of the local school unit and shall not result in any additional cost to the local school unit. Release time shall be granted in accordance with policies established by the local school unit. [PL 1983, c. 767, §3 (NEW).]

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.