HOUSE AMENDMENT
Bill No. CS/HB 463 Barcode 722625
Amendment No. 1 (for drafter's use only)
CHAMBER ACTION
Senate House
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5 ORIGINAL STAMP BELOW
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11 The Committee on Education Appropriations offered the
12 following:
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14 Amendment (with directory language and title
15 amendments)
16 On page 3, line 22 through page 4, line 9,
17 remove from the bill: all of said lines
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19 and insert in lieu thereof:
20 (a) Except as provided in paragraphs (b), and (c), and
21 (f), no refund shall exceed the amount paid into the fund by
22 the purchaser.
23 (b) If the beneficiary is awarded a scholarship, the
24 terms of which cover the benefits included in the advance
25 payment contracts, moneys paid for the purchase of the advance
26 payment contracts shall be refunded returned to the purchaser
27 in semester installments coinciding with the matriculation by
28 the beneficiary in an amount which, in total, does not exceed
29 the redemption value of the advance payment contract at a
30 state postsecondary institution amounts of either the original
31 purchase price plus 5 percent compounded interest, or the
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File original & 9 copies 04/04/01
hap0001 10:32 am 00463-eda -722625
HOUSE AMENDMENT
Bill No. CS/HB 463 Barcode 722625
Amendment No. 1 (for drafter's use only)
1 current rates at state postsecondary institutions, whichever
2 is less.
3 (c) In the event of the death or total disability of
4 the beneficiary, moneys paid for the purchase of advance
5 payment contracts shall be refunded returned to the purchaser
6 in an amount not to exceed the redemption value of the advance
7 payment contract at a state postsecondary institution together
8 with 5 percent compounded interest, or the current rates at
9 state postsecondary institutions, whichever is less.
10 (f) Benefits purchased under the Florida Prepaid
11 College Program shall be permitted to roll over to a college
12 savings program, as defined under s. 529 of the United States
13 Internal Revenue Code, relating to qualified state tuition
14 programs. The board shall transfer, or cause to have
15 transferred, an amount not to exceed the redemption value of
16 the advance payment contract at a state postsecondary
17 institution in Florida at the time of the rollover, after
18 assessment of a reasonable transfer fee.
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21 == D I R E C T O R Y L A N G U A G E A M E N D M E N T ==
22 And the directory language is amended as follows:
23 On page 1, lines 18-20,
24 remove: all of said lines
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26 and insert in lieu thereof:
27 Section 1. Subsection (10) and paragraphs (a), (b),
28 and (c) of subsection (13) of section 240.551, Florida
29 Statutes, are amended, and paragraph (f) is added to
30 subsection (13) of said section, to read:
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File original & 9 copies 04/04/01
hap0001 10:32 am 00463-eda -722625
HOUSE AMENDMENT
Bill No. CS/HB 463 Barcode 722625
Amendment No. 1 (for drafter's use only)
1 ================ T I T L E A M E N D M E N T ===============
2 And the title is amended as follows:
3 On page 1, line 13, after the semicolon
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5 insert:
6 providing for a rollover of benefits to a
7 college savings program at the redemption value
8 of the advance payment contract at a state
9 postsecondary institution;
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File original & 9 copies 04/04/01
hap0001 10:32 am 00463-eda -722625