19B-8.003: Scholarship Programs
PURPOSE AND EFFECT: To add a rule permitting the transfer of a prepaid college scholarship to any qualified beneficiary who meets the residency requirements at the time of substitution, and to codify the I.R.S. regulations permitting the transfer of a prepaid college scholarship to a qualified beneficiary who is not a member of the family of the original beneficiary.
SUBJECT AREA TO BE ADDRESSED: The Florida Prepaid College Plan permitted substitutions of beneficiaries.
SPECIFIC AUTHORITY: 1009.971(1), (4), (6) FS.
LAW IMPLEMENTED: 1009.98 FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
TIME AND DATE: October 23, 2006, 2:00 p.m.
PLACE: Suite 210, Hermitage Building, 1801 Hermitage Boulevard, Tallahassee, Florida
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Thomas J. Wallace, Executive Director, 1801 Hermitage Boulevard, Suite 210, Tallahassee, Florida 32308, telephone (850)488-8514
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:
19B-8.003 Scholarship Programs.
Advance payment contracts purchased through an approved non-profit organization as provided in Rule 19B-5.007, F.A.C., or the Florida Prepaid College Foundation Inc., may transfer the Prepaid benefits to any qualified beneficiary who meets the residency requirements at the time of substitiution. An authorized representative for the scholarship donor organization will be required to sign and notarize any request to substititute beneficiaries on advance payment contracts.
Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.98 FS. History–New________.