19B-11.001: General
PURPOSE AND EFFECT: This rule is amended to specify the redemption value for death and disability refunds and scholarship refunds associated with the 4-Year Florida University Plan, 2 + 2 Florida Plan, 4-Year Florida College Plan and 2-Year Florida College Plan, clarify the redemption value for death and disability refunds and scholarship refunds associated with Tuition Plans, Local Fee Plans, Tuition Differential Fee Plans and Dormitory Plans, and delete obsolete text.
SUMMARY: This rule change specifies the redemption rates for purposes of death and disability refunds and scholarship refunds for the 4-Year Florida University Plan, 2 + 2 Florida Plan, 4-Year Florida College Plan and 2-Year Florida College Plan, clarifies the redemption value for death and disability refunds and scholarship refunds for Tuition Plans, Local Fee Plans, Tuition Differential Fee Plans and Dormitory Plans, and deletes obsolete text.
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: 1009.971 1009.98(5) 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-11.001 General.
Except as provided herein, refunds shall not exceed the amount paid for any plan included in the advance payment contract bought by the purchaser, except for conversions pursuant to Rule 19B-11.002, F.A.C., and dormitory plan refunds due to insufficient housing pursuant to Rule 19B-11.004, F.A.C. Termination of student status after the official drop/add period eliminates the refund option for that semester. The Board will process a refund associated with an account that was terminated pursuant to Rule 19B-10.001 or 19B-10.002, F.A.C., upon the receipt of a notarized, written request that is signed by the person or persons required pursuant to Rule 19B-5.004, F.A.C. The refund will be paid only to the purchaser of the terminated account.
(1) For participants in the Florida Prepaid College Board Program’s advance payment contracts, a scholarship is defined as a financial or in-kind award or grant given to an individual for study, training, or research, and which does not constitute compensation for personal services.
(2) Refunds may exceed the amount paid for a plan in the following circumstances:
(a) If a beneficiary is awarded a scholarship, the terms of which cover the benefits included in the beneficiary’s advance payment contract contracts, moneys paid for the purchase of the advance payment contract contracts shall be returned to the purchaser in semester installments coinciding with the matriculation by the beneficiary in an amount not to exceed the redemption value of the advance payment contract at the time the scholarship benefits are used. Proof of scholarship shall be given to the Board as required by the Master Covenant.
(b) In the event of death or total disability of the beneficiary, the advance payment contract may be terminated pursuant to Rule 19B-10.002, F.A.C., and the moneys paid for the purchase of an advance payment contract shall be refunded in lump sum in an amount not to exceed the redemption value of the advance payment contract at the time of the refund request. Proof of death or disability shall be in such form as required by the Board.
(3) For the purposes of refunds pursuant to paragraph 19B-11.001(2), F.A.C., the redemption value for the:
(a) 4-Year Florida University Plan shall be the sum of the average amounts payable to State Universities for Registration Fees, Local Fees and Tuition Differential Fees, under the beneficiary’s plan.
(b) 2 + 2 Florida Plan shall be the sum of the average amounts payable to the State Universities for Registration Fees, Local Fees and Tuition Differential Fees, under the beneficiary’s plan, and the sum of the average amounts payable to Florida Colleges for Registration Fees and Local Fees, under the beneficiary’s plan.
(c) 4-Year Florida College Plan shall be the sum of the average amounts payable to Florida Colleges for Registration Fees and Local Fees, under the beneficiary’s plan.
(d) 2-Year Florida College Plan shall be the sum of the average amounts payable to Florida Colleges for Registration Fees and Local Fees, under the beneficiary’s plan.
(e) Tuition Plans, Local Fee Plans and Tuition Differential Fee Plans For purposes of refunds pursuant to paragraph 19B-11.001(2)(a) or (b), F.A.C., for tuition, local fee and tuition differential fee plans, the redemption value shall be the average amount payable to State Universities for Registration Fees of tuition, Local Fees local fees and Tuition Differential Fees tuition differential fees, respectively, payable under the beneficiary’s plan or plans to the state universities or the average amount payable to Florida Colleges for Registration Fees and Local Fees, respectively, under the beneficiary’s plan or plans community colleges at the time of the refund request.
(f) Dormitory Plans For purposes of refunds pursuant to paragraph 19B-11.001(2)(a) or (b), F.A.C., for the dormitory plan, the redemption value shall be the average of the State University state university dormitory fees payable under the beneficiary’s Dormitory Plan dormitory plan at the time of the refund request, for the number of semesters reflected in the beneficiary’s advance payment contract. For purposes of refunds pursuant to paragraph 19B-11.001(2)(c) F.A.C., for tuition differential fee plans, the redemption value shall be the average amount of tuition differential fees payable under the beneficiary’s tuition differential plan to state universities in Florida at the time of the refund.
Rulemaking Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.971, 1009.98(5), (10) FS. History–New 3-29-89, Amended 2-6-90, 3-19-92, Formerly 4G-11.001, Amended 8-18-97, 11-6-01, 12-17-07, 1-28-09, 11-30-09,________.