This rule is amended to specify the fee to add a Dormitory Plan to a 4-Year Florida University Plan and 2 + 2 Florida Plan, to specify that the Termination Fee and Reinstatement Fee that will apply with respect to such plans and to revise the names ...

STATE BOARD OF ADMINISTRATION
Florida Prepaid College Board

Rule No.: RULE TITLE
19B-6.001: Fee Schedule
PURPOSE AND EFFECT: This rule is amended to specify the fee to add a Dormitory Plan to a 4-Year Florida University Plan and 2 + 2 Florida Plan, to specify that the Termination Fee and Reinstatement Fee that will apply with respect to such plans and to revise the names of other plans in the Florida Prepaid College Plan.
SUMMARY: This rule change specifies the fees which will apply to add a Dormitory Plan to a 4-Year Florida University Plan and 2 + 2 Florida Plan, to specify that the Termination Fee and Reinstatement Fee that will apply with respect to such plans and to revise the names of other plans 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: 1009.971(4), 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:
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-6.001 Fee Schedule.

The following fee schedule will apply for all advance payment contract applicants and purchasers:

(1) Application Fee –

(a) through (c) No change.

(d) A fee of ten dollars ($10.00) will be assessed for any purchaser of a 4-Year Florida University Plan, 2 + 2 Florida Plan, 4-Year Florida College Plan, 2-Year Florida College Plan or Tuition Plan tuition plan who subsequently adds a Dormitory Plan dormitory plan to the previously purchased 4-Year Florida University Plan, 2 + 2 Florida Plan, 4-Year Florida College Plan, 2-Year Florida College Plan or Tuition Plan tuition plan.

(e) A fee of ten dollars ($10.00) will be assessed for any purchaser of a Tuition Plan tuition plan who subsequently adds the corresponding Local Fee Plan local fee plan to the previously purchased Tuition Plan tuition plan.

(f) A fee of ten dollars ($10.00) will be assessed for any purchaser of a Tuition Plan tuition plan who subsequently adds the corresponding Tuition Differential Fee Plan tuition differential fee plan to the previously purchased Tuition Plan tuition plan.

(2) Termination Fee – Fifty percent (50%) of the amount paid into a 4-Year Florida University Plan, 2 + 2 Florida Plan, 4-Year Florida College Plan, 2-Year Florida College Plan or Tuition Plan the tuition plan up to a cap of fifty dollars ($50.00) will be assessed upon termination of a 4-Year Florida University Plan, 2 + 2 Florida Plan, 4-Year Florida College Plan, 2-Year Florida College Plan or Tuition Plan any tuition plan purchased, respectively, unless:

(a) The purchaser or beneficiary dies or is disabled; or

(b) The beneficiary receives a scholarship which renders the plan unusable; or

(c) The purchaser holds the advance payment contract for a period of at least two (2) years immediately preceding the request for termination and refund.

(3) No change.

(4) Late Fee.

(a) A late fee of ten dollars ($10.00) will be assessed on each monthly payment received twenty (20) days past the due date. This charge shall be separate from and in addition to any termination fee that might be imposed pursuant to subsection (2) of this Rule. If Tuition Plan the tuition, Local Fee Plan local fee and Tuition Differential Fee Plan tuition differential fee payments are received twenty (20) or more days past the due date, only the Tuition Plan tuition plan will be assessed a ten dollar ($10.00) late fee. The Board will grant an additional four (4) days’ grace period when a federal holiday occurs within the twenty (20) days mentioned above.

(b) When an advance payment contract is terminated, not more than seventy dollars ($70.00) in outstanding late fees may be deducted from the refund for the advance payment contract.

(c) When an advance payment contract is paid-in-full, the Board will waive:

1. Any outstanding late fees in excess of seventy dollars ($70.00).

2. The outstanding late fee balance when the outstanding late fee balance is fifty dollars ($50.00) or less.

(5) through (6) No change.

(7) Reinstatement Fee – A fifty dollar $50.00 fee shall be assessed for the reinstatement of a voluntarily canceled or involuntarily canceled plan. This fee shall be due for on each 4-Year Florida University Plan, 2 + 2 Florida Plan, 4-Year Florida College Plan, 2-Year Florida College Plan, Tuition Plan, Local Fee Plan, Tuition Differential Fee Plan and Dormitory Plan tuition, local fee, tuition differential fee and dormitory plan. The fee shall be due from the purchaser at the time the request for reinstatement is made and shall be in addition to all payments and fees required to bring a plan current.

Rulemaking Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.971(4), 1009.98 FS. History–New 3-29-89, Amended 2-6-90, 3-19-92, 8-23-92, Formerly 4G-6.001, Amended 12-5-93, 6-20-96, 12-16-97, 2-18-99, 2-8-00, 11-6-01, 11-27-02, 12-17-07,________.

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