To amend the limitations on plan option changes with updated terminology.

 

STATE BOARD OF ADMINISTRATION
Florida Prepaid Postsecondary Education Expense Board

RULE NO: RULE TITLE
19B-5.006: Limitations on Plan Option Changes
PURPOSE AND EFFECT: To amend the limitations on plan option changes with updated terminology.
SUBJECT AREA TO BE ADDRESSED: The Florida Prepaid College Plan payment options and plan options for advance payment contracts.
SPECIFIC AUTHORITY: 1009.971(1), (4), (6) FS.
LAW IMPLEMENTED: 1009.98 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 15, 2007, 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-5.006 Limitations on Plan Option Changes.

(1) A purchaser of an advance payment contract purchaser must notify the Board of a change to the payment option or plan option delineated on such contract before the end of the official contract change period, such dates to be published in the Florida Administrative Weekly. Except as provided in Rule 19B-11.002, F.A.C., no changes in enrollment or payment options will be allowed after this change period.

(2)(a) Advance payment cContract purchasers may make a lump sum prepayment to fully prepay an installment contract with no prepayment penalty.

(b) Advance payment cContract purchasers may make one (1) or more partial prepayments on an installment contract. For purposes of this Rrule, a partial prepayment is a payment made on an installment contract which is received by the Board prior to the regularly scheduled time for a payment and which is less than the lump sum amount required to fully prepay the installment contract at the time such payment is received by the Board. An advance payment contract purchaser shall not receive any refund or reduction of the total amount due on an installment contract, including any amount for implied interest pursuant to subsection 19B-4.003(2), F.A.C., as the result of one (1) or more partial prepayments.

(3) No plan option, including a dormitory, or local fee or tuition differential fee plan, may be added or deleted except during this change period, during an open enrollment period, or by approval of the Board in cases of hardship and pursuant to the special petition procedure outlined in Rule 19B-12.001, F.A.C.

Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.98(4) FS. History–New 2-6-90, Formerly 4G-5.006, Amended 6-20-96, 3-20-97, 2-18-99,________.