19B-5.006: Limitations on Plan Option Changes
PURPOSE AND EFFECT: This rule is amended to make changes to reflect the updated names for the plans available under the Florida Prepaid College Plan and to make technical revisions to the text of the rule.
SUMMARY: This rule change updates the names of the prepaid plans available through the Florida Prepaid College Plan and makes other technical revisions.
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(4) 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:
DATE AND TIME: September 20, 2010, 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-5.006 Limitations on Plan Option Changes.
(1) No change.
(2)(a) Advance payment contract purchasers may make a lump sum prepayment to fully prepay the installments payments then remaining due for any plan included in an advance payment contract an installment contract with no prepayment penalty.
(b) Advance payment contract purchasers may make one (1) or more partial prepayments for any plan included in the advance payment on an installment contract. For purposes of this Rule, a partial prepayment is a payment made on a plan on which payments are due and an installment contract which is received by the Board prior to the regularly scheduled time for a payment and which is less than the lump sum amount required to fully prepay the installment payments due on a plan included in the advance payment contract at the time such payment is received by the Board. An advance payment contract purchaser shall not receive any refund or reduction of the total amount due for all of the installment payments due for any plan included in an advance payment on an installment contract, including any amount for implied interest pursuant to subsection 19B-4.003(2), F.A.C., as the result of one (1) or more partial prepayments.
(3) No plan option, including a Dormitory Plan, Local Fee Plan or Tuition Differential Fee Plan dormitory, local fee or tuition differential fee plan, may be added or deleted except during this change period, during an open enrollment period, or by approval of the Board in cases of hardship and pursuant to the special petition procedure outlined in Rule 19B-12.001, F.A.C.
Rulemaking Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.98(4) FS. History–New 2-6-90, Formerly 4G-5.006, Amended 6-20-96, 3-20-97, 2-18-99, 12-17-07,________.