House Bill hb1547

    Florida House of Representatives - 2001                HB 1547

        By Representative Kottkamp






  1                      A bill to be entitled

  2         An act relating to the Florida Prepaid College

  3         Program; amending s. 240.551, F.S.; authorizing

  4         the purchase of advance payment contracts for

  5         scholarships by not-for-profit organizations;

  6         revising the definition of the term "purchaser"

  7         and information required to be included in an

  8         advance payment contract, to conform; providing

  9         an effective date.

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11  Be It Enacted by the Legislature of the State of Florida:

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13         Section 1.  Paragraph (e) of subsection (2) and

14  paragraph (e) of subsection (11) of section 240.551, Florida

15  Statutes, are amended, and paragraph (g) of subsection (22) of

16  said section is redesignated as paragraph (a) of subsection

17  (23), which subsection is added to said section, to read:

18         240.551  Florida Prepaid College Program.--

19         (2)  DEFINITIONS.--

20         (e)  "Purchaser" means a person who, or an entity that,

21  makes or is obligated to make advance registration or

22  dormitory residence payments in accordance with an advance

23  payment contract.

24         (11)  ADVANCE PAYMENT CONTRACTS; CONTENTS.--The board

25  shall construct advance payment contracts for registration and

26  may construct advance payment contracts for dormitory

27  residence as provided in this section. Advance payment

28  contracts constructed for the purposes of this section shall

29  be exempt from chapter 517 and the Florida Insurance Code.

30  Such contracts shall include, but not be limited to, the

31  following:

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CODING: Words stricken are deletions; words underlined are additions.






    Florida House of Representatives - 2001                HB 1547

    776-105A-01






  1         (e)  Except for an advance payment contract entered

  2  into pursuant to subsection (23) (22), the name and date of

  3  birth of the qualified beneficiary on whose behalf the

  4  contract is drawn and the terms and conditions under which

  5  another person may be substituted as the qualified

  6  beneficiary.

  7         (23)  SCHOLARSHIPS.--

  8         (a)(g)  The board may invest funds of the

  9  direct-support organization which have been allocated for the

10  purchase of advance payment contracts for scholarships with

11  receipts for advance payment contracts.

12         (b)  Any nonprofit organization exempt from taxation

13  under 26 U.S.C. s. 501(c) may purchase advance payment

14  contracts for scholarships.

15         Section 2.  This act shall take effect July 1, 2001.

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18                          HOUSE SUMMARY

19
      Authorizes the purchase of advance payment contracts for
20    scholarships by not-for-profit organizations. Revises the
      definition of the term "purchaser" and information
21    required to be included in an advance payment contract,
      to conform.
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CODING: Words stricken are deletions; words underlined are additions.