The purpose and effect is to eliminate the current application form in favor of an electronic application and to update portions of the Participation Agreement.

 

STATE BOARD OF ADMINISTRATION

Florida Prepaid College Board

RULE NOS.:RULE TITLES:

19B-16.002Application for Participation in the Program

19B-16.003Participation Agreement

PURPOSE AND EFFECT: The purpose and effect is to eliminate the current application form in favor of an electronic application and to update portions of the Participation Agreement.

SUMMARY: This rulemaking amends the information that may be collected during the enrollment process and eliminates reference to a paper Application in favor of on-line enrollment. Additionally, the Participation Agreement's Terms and Conditions are updated to redefine terms, update references and citations, restrict Account Owners to natural persons, and permit the Board to adjust fees and penalties.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

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. A SERC has not been prepared by the agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: During a discussion of the economic impact of these rules at its Board meeting, the Board, based upon the expertise and experience of its members, determined that a SERC was not necessary and that the rules will not require ratification by the Legislature. No person or interested party submitted additional information regarding the economic impact.

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: 1009.971, 1009.981 FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

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: Michael Frick, Director of Operations, 1801 Hermitage Blvd., Suite 210, Tallahassee, FL, [phone], [e-mail]. 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: Michael Frick, Director of Operations, 1801 Hermitage Blvd., Suite 210, Tallahassee, FL, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

19B-16.002 Application for Participation in the Program.

Applicants for an Account in Tthe Florida 529 Savings Plan New Account Application, Form No. FPCB 2014-03, http://www.flrules.org/Gateway/reference.asp?No=Ref-02639, is hereby incorporated by reference may be required to provide the following information:

(a) For the Account Owner, Survivor, Parent and Beneficiary:

(i) Full legal name and salutation

(ii) Social Security Number

(iii) Date of birth

(iv) Full mailing address

(v) Two telephone numbers

(vi) Two e-mail addresses

(b) Age, grade, and projected enrollment year of the Beneficiary

(c) An allocation of available Investment Options for initial and future contributions

(d) The source and amount of the initial contribution and any Rollover Contribution.

(e) Marketing Information:

(i) How did you hear about the Program?

(ii) Annual Family Income

(iii) Purchaser’s relationship to the Beneficiary

(iv) Beneficiary gender

(v) Beneficiary race

(f) A Florida Prepaid College Plan Number for the same Beneficiary to apply a discount on the Application Fee, if offered and applicable

(g) Information required for the processing of a one-time and recurring automatic contribution authorization

(4) The available method or methods for submitting an Application will be published on the Board’s website (www.MyFloridaPrepaid.com).

Rulemaking Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.981 FS. History–New 11-27-02, Amended 1-29-04, 12-28-04, 6-2-05, 12-20-05, 1-1-07, 11-27-07, 11-18-08, 1-28-09, 4-5-09, 10-26-09, 10-18-10, 12-5-11, 11-5-12, 5-8-13, ________.

 

19B-16.003 Participation Agreement.

The Participation Agreement, Form No. FPCB 2014-05, http://www.flrules.org/Gateway/reference.asp?No=Ref-02640, is hereby incorporated by reference. The Terms and Conditions, applicable to the Participation Agreement, Form No. FPCB 2014a-06, http://www.myfloridaprepaid.com/about-florida-prepaid-college-plans/rulemaking-information.aspx http://www.flrules.org/Gateway/reference.asp?No=Ref-02641, is hereby incorporated by reference.

Rulemaking Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.971, 1009.981 FS. History–New 11-27-02, Amended 12-28-04, 6-2-05, 7-13-06, 12-4-07, 5-29-08, 6-3-09, 6-22-10, 10-24-12, 5-8-13, _________.

 

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: June 20, 2013

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: June 4, 2013