This rule is amended to reflect the updated name Florida College Investment Plan to the “Florida 529 Savings Plan.”

 

STATE BOARD OF ADMINISTRATION
Florida Prepaid College Board

RULE NO.: RULE TITLE:
19B-16.001: Application of Rule Chapter; Definitions

PURPOSE AND EFFECT OF THE AREA TO BE ADDRESSED This rule is amended to reflect the updated name Florida College Investment Plan to the “Florida 529 Savings Plan.”

SUMMARY: The Florida College Investment Plan’s new name will be “Florida 529 Savings Plan.”

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule.

The Agency has determined that the proposed rule will not require legislative ratification pursuant to Section 120.541(3), F.S., or other applicable statutes: 1) no requirement for SERC was triggered under Section 120.541(1), F.S., and 2) based on past experiences with rules of this nature, the adverse impact or regulatory cost, if any, do not exceed nor would be expected to exceed any one of the economic analysis criteria set forth in Section 120.541(2)(a), F.S.

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.

RULEMAKING 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 NOTICED IN THE NEXT FLORIDA AMINISTRATIVE WEEKLY (IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD)

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Kevin Thompson, [phone]. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Kevin Thompson, Executive Director, 1801 Hermitage Boulevard, Suite 210, Tallahassee, Florida 32308, telephone [phone]

THE FULL TEXT OF THE PROPOSED RULE IS:

19B-16.001 Application of Rule Chapter; Definitions.

(1) These rules apply to participants in the Florida 529 Savings Plan Program (the “Savings Florida College Investment Plan”), a qualified tuition program that allows persons to make contributions to a trust account established for the purpose of meeting some or all of the qualified higher education expenses of a designated beneficiary.

(2) For the purposes of the Florida 529 College Savings Plan Program and Rule Chapter 19B-16, F.A.C.:

(a) through (b) No change.

(c) “Application” means the Florida Prepaid College Plan and Florida 529 Savings College Investment Plan New Account Application and the Florida 529 Savings Plan College Investment Plan Add-On Application, adopted pursuant to Rule 19B-16.002, F.A.C.

(d) through (o) No change.

(p) “Program” means the Florida 529 Savings Plan Florida College Savings Program (the “Savings Florida College Investment Plan”).

(q) through (s) No change.

Rulemaking Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.981 FS. History–New 5-30-02, Amended 11-27-02,________.

NAME OF PERSON ORIGINATING PROPOSED RULE: Florida Prepaid College Board, 1801 Hermitage Boulevard, Suite 210, Tallahassee, Florida 32308

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: June 14, 2012

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: September 14, 2012