Student Protection Fund; Trainout Procedures for Closure

DEPARTMENT OF EDUCATION
Commission for Independent Education

RULE NO.: RULE TITLE:
6E-4.005: Student Protection Fund; Trainout Procedures for Closure

NOTICE OF CORRECTION

Notice is hereby given that the following correction has been made to the proposed rule in Vol. 37 No. 41, October 14, 2011 issue of the Florida Administrative Weekly.

The notice of proposed rulemaking omitted the following information regarding the statement of estimated regulatory costs: The SERC provides that the proposed rule is not expected to (1) have an adverse impact on economic growth, private sector job creation or employment or private sector investment in excess of $1 million in the aggregate within five years or (2) have any adverse impact on business competitiveness, productivity or innovation or (3) increase regulatory costs in excess of $1 million in the aggregate within five years. This is based upon the fact that the proposed rule does not increase any of the fees for post secondary educational institutions and that the proposed use of the forms will assist institutions by simplifying the means of providing information to the Commission. The transactional costs for the 950 private post secondary educational institutions impacted by the proposed rule (some of which constitute small businesses) is expected to be minimal. No increased costs to the agency is expected and no costs to any other governmental entity is expected. The proposed rule is not expected to have any impact on small counties or cities. The proposed rule was developed in the context of rule workshops, where licensed institutions subject to the rule provided input. The proposed rule is needed to address a finding and recommendation by the Auditor General to provide guidance to educational institutions by defining the term tuition revenue. See Auditor General Report No. 2011-177, Finding No. 7.