To amend the rule by correcting the references to the Florida Statutes which permit the transfer of unclaimed funds to the florida Prepaid Tuition Scholarship Program.

STATE BOARD OF ADMINISTRATION
Florida Prepaid Postsecondary Education Expense Board

RULE NO: RULE TITLE
19B-16.011: Unclaimed Refunds
PURPOSE AND EFFECT: To amend the rule by correcting the references to the Florida Statutes which permit the transfer of unclaimed funds to the florida Prepaid Tuition Scholarship Program.
SUBJECT AREA TO BE ADDRESSED: The Florida College Savings Program’s disposition of unclaimed refunds.
SPECIFIC AUTHORITY: 1009.971(1), (4), (6) FS.
LAW IMPLEMENTED: 1009.981(4) 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 [phone]

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:

19B-16.011 Unclaimed Refunds.

(1) The Board shall mail written notice to any benefactor of an account terminated 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 follow 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 Chapter 1009.981(2)(b)10. 717, 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. Any 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 Chapter 1009.981(2)(b)10. 717, F.S.

(2) The Board shall annually review and approve the list of unclaimed refunds which have remained unclaimed for the periods required under this rule and are subject to disposition pursuant to Chapter 1009.981(2)(b)10. 717, F.S.

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