Senate Bill sb2088c1

    Florida Senate - 2001                           CS for SB 2088

    By the Committee on Education and Senator Rossin





    304-1851A-01

  1                      A bill to be entitled

  2         An act relating to prepaid college tuition;

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

  4         purchase of advance payment contracts for

  5         scholarships by nonprofit organizations;

  6         providing an effective date.

  7

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

  9

10         Section 1.  Paragraph (e) of subsection (11) of section

11  240.551, Florida Statutes, is amended, and subsection (23) is

12  added to that section, to read:

13         240.551  Florida Prepaid College Program.--

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

15  shall construct advance payment contracts for registration and

16  may construct advance payment contracts for dormitory

17  residence as provided in this section. Advance payment

18  contracts constructed for the purposes of this section shall

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

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

21  following:

22         (e)  Except for an advance payment contract entered

23  into pursuant to subsection (22) or subsection (23), the name

24  and date of birth of the qualified beneficiary on whose behalf

25  the contract is drawn and the terms and conditions under which

26  another person may be substituted as the qualified

27  beneficiary.

28         (23)  SCHOLARSHIPS.--A nonprofit organization described

29  in s. 501 (c)(3) of the United States Internal Revenue Code

30  and exempt from taxation under s. 501(a) of the United States

31  Internal Revenue Code may purchase advance payment contracts

                                  1

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






    Florida Senate - 2001                           CS for SB 2088
    304-1851A-01




  1  for a scholarship program that has been approved by the board

  2  and is operated by the purchasing organization.

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

  4

  5          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
  6                             SB 2088

  7

  8  The Committee Substitute eliminates a restrictive cross
    reference to a qualified state tuition program.
  9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

                                  2

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