This rule revises the requirements for written notice of a terminated Investment Plan prior to the escheatment of its refund to the Trust Fund.

STATE BOARD OF ADMINISTRATION
Florida Prepaid Postsecondary Education Expense Board

RULE NO: RULE TITLE
19B-16.011: Unclaimed Refunds
PURPOSE AND EFFECT: This rule revises the requirements for written notice of a terminated Investment Plan prior to the escheatment of its refund to the Trust Fund.
SUMMARY: Revises the requirements for written notice to benefactors that are due a refund for a terminated Investment Plan account prior to the escheatment of the refund to the Trust Fund. Conforms this rule to the changes to Rules 19B-16.008 and 19B-16.010, 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 [phone]

THE FULL TEXT OF THE PROPOSED RULE IS:

19B-16.011 Unclaimed Refunds.

(1) The Board will shall mail written notice to the any benefactor of a an account terminated participation agreement when a refund for the account has been available for pursuant to Rule 19B-16.010, F.A.C., when the benefactor has not negotiated the refund check for such account after a period of six (6) years. The notice shall indicate the procedure which the benefactor must be followed to obtain a refund of the monies held by the Board for said accounts and that if a claim for a refund is not made within seven (7) years of the termination of the account that the funds shall be subject to disposition as provided under Section 1009.981(2)(b)10., F.S. An alphabetical list of the names of the account owners of such accounts shall be posted on the Board’s website on the Internet. A ny such refund for any account terminated pursuant to Rule 19B-16.010, F.A.C., which remains unclaimed after seven (7) years shall be subject to disposition pursuant to Section 1009.981(2)(b)10., F.S.

(2) No change.

Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.981(4) FS. History–New 5-30-02, Amended 1-1-07,________.

NAME OF PERSON ORIGINATING PROPOSED RULE: Florida Prepaid College Board
NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Florida Prepaid College Board
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: June 4, 2008
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: September 12, 2008