7731208, 19B-9.002 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 7731208

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Division:

Florida Prepaid College Board

Chapter:

TRANSFERABILITY

Overview

RULE:

19B-9.002

Use of Benefits at In-State Private Colleges or Universities, Out-of-State Colleges and Universities and Vocational-Technical Schools (Repealed)

PURPOSE:

This rule is amended to reflect the amendment enacted during the 2009 regular session of the Legislature to Section 1009.98(3), F.S., which revised and expanded the types of postsecondary educational institutions at which the benefits from Prepaid College Plans may be used. Under this law, Prepaid Plans may be used at “any eligible educational institution as defined in s. 529 of the Internal Revenue Code.” The rule is also amended to revise the amount which will be paid under a Prepaid Plan to such institutions to be the average amount of the tuition, local fees, tuition differential fees, respectively, payable under the beneficiary’s plan or plans. This later change is needed due to the enactment by the 2009 regular session of the Legislature of Section 1009.98(10), F.S., which specifies the amounts which the Board is required to pay state universities on behalf of beneficiaries of Prepaid College Plans.

SUMMARY:

This rule change revises the requirements for educational institutions to which the benefits of advance payment contracts offered under the Florida Prepaid College Plan by may be transferred and the amount which will be paid when the benefits of an advance payment contract is transferred to an eligible educational institution.

RULEMAKING AUTHORITY:

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

LAW:

1009.98 FS.

PRINT PUBLISH DATE:

10/9/2009 Vol. 35/40

COMMENTS:

From 10/9/2009 To 10/30/2009 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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