21425377, 19B-4.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 21425377

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Division:

Florida Prepaid College Board

Chapter:

ADVANCE PAYMENT CONTRACT APPLICATION AND PAYMENTS

Overview

RULE:

19B-4.001

Application

PURPOSE:

The purpose and effect of this rule development is amend the Master Contract for the Florida Prepaid College Program to address recent changes to Federal law regarding 529 Plans and to simplify the contract for consumers by updating contract provisions.

SUMMARY:

This rule is amended to incorporate changes to the Master Contract for the Florida Prepaid College Plan with clarifying revisions to the Master Contract to align with guidance regarding Section 529 of the Internal Revenue Code, as well as allowing for more flexibility in the Master Contract as Section 529 of the IRC is further amended.

RULEMAKING AUTHORITY:

1009.971(1), (4), (6). FS.

LAW:

1009.971, 1009.981(1)(c), and 1009.981(2) FS.

PRINT PUBLISH DATE:

1/23/2019 Vol. 45/15

COMMENTS:

From 1/23/2019 To 2/13/2019 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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