This rule is amended to update the names of certain of the prepaid plans in the Florida Prepaid College Plan and clarify the requirements for usage of the contract benefits under those plans.

STATE BOARD OF ADMINISTRATION
Florida Prepaid College Board

Rule No.: RULE TITLE
19B-5.003: Contract Requirements
PURPOSE AND EFFECT: This rule is amended to update the names of certain of the prepaid plans in the Florida Prepaid College Plan and clarify the requirements for usage of the contract benefits under those plans.
SUMMARY: This rule change updates names of the prepaid plans offered through the Florida Prepaid College Plan and clarifies the requirements for the use of the benefits of advance payment contracts in the Florida Prepaid College Plan.
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 [phone]

THE FULL TEXT OF THE PROPOSED RULE IS:

19B-5.003 Contract Requirements.

(1) through (5) No change.

(6) Contract benefits associated with advance Advance payment contracts that are composed of a Tuition Plan, a Local Fee Plan and a Tuition Differential Fee Plan tuition, local fee and tuition differential fee plans will only be paid if the Tuition Plan, Local Fee Plan and Tuition Differential Fee Plan tuition plan, local fee plans and tuition differential fee plan are in good standing. Payments for the contract benefits associated with Local Fee Plans and Tuition Differential Fee Plan Local fee payments and tuition differential fee payments shall not be remitted to pay the Registration Fees tuition for any beneficiary attending a State University Florida public university or Florida College community college. Payments for the contract benefits associated with Local Fee Plans and Tuition Differential Fee Plans Local fee payments and tuition differential fee payments may be remitted to pay tuition at private and out-of-state colleges for any qualified beneficiary.

Rulemaking Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.98(4) FS. History–New 3-29-89, Amended 2-6-90, 3-19-92, Formerly 4G-5.003, Amended 5-31-95, 6-20-96, 2-18-99, 6-6-99, 11-6-01, 8-27-02, 12-17-07, 1-28-09,________.

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: December 1, 2009
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: August 20, 2010