19B-11.007: Unclaimed Refunds
PURPOSE AND EFFECT: This rule revises and updates the written notice requirements of terminated Prepaid Plan accounts prior to the escheatment of the refund to the Trust Fund.
SUMMARY: Revises the requirements for written notice to purchasers due a refund for a terminated Prepaid Plan account prior to the escheatment of the refund to the Trust Fund. Conforms this rule to the changes to Rules 19B-5.004 and 19B-11.001, F.A.C.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 1009.971(1), (4), (6) FS.
LAW IMPLEMENTED: 1009.98 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE,TIME AND PLACE SHOWN BELOW(IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):
DATE AND TIME: October 31, 2008, 2:00 p.m.
PLACE: Suite 210, Hermitage Building, 1801 Hermitage Boulevard, Tallahassee, Florida
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Thomas J. Wallace, Executive Director, 1801 Hermitage Boulevard, Suite 210, Tallahassee, Florida 32308, telephone (850)488-8514
THE FULL TEXT OF THE PROPOSED RULE IS:
19B-11.007 Unclaimed Refunds.
(1) The Board will mail written notice to the purchaser of a terminated advance payment contract when a refund for the account has been available for six (6) years send a refund to any purchaser whose contract is terminated after July 1, 1996, pursuant to Rule 19B-10.001 or 19B-10.002, F.A.C. Such refund will consist of any monies paid into the program minus any applicable fees due against the account. The Board will mail written notice to purchasers when the refund check for a contract terminated after July 1, 1996, has not been negotiated for six years and when a refund is available for a contract that was terminated prior to July 1, 1996. The notice will indicate the procedure which the purchaser must be followed to obtain a refund of the monies held by the Board and that if a refund claim is not timely made that the funds will escheat to the Florida Prepaid College Trust Fund. An alphabetical list of the names and city of residence of such purchasers will be posted on the Board’s website on the Internet (www.florida529plans.com). Any refund which remains unclaimed seven (7) years after an account is terminated or on December 31, 2004, whichever is later, will escheat to the Florida Prepaid College Trust Fund.
(2) through (4) No change.
Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.971, 1009.972(5), 1009.98(5) FS. History–New 6-20-96, Amended 12-29-98, 4-15-04,_________.