HB 0473 2004
1	A bill to be entitled
2	An act relating to the Florida Prepaid College Program;
3	amending s. 1009.98, F.S.; revising provisions relating to
4	eligibility for benefits if the program is terminated;
5	providing an effective date.
6
7	Be It Enacted by the Legislature of the State of Florida:
8
9	Section 1. Subsection (8) of section 1009.98, Florida
10	Statutes, is amended to read:
11	1009.98 Florida Prepaid College Program.--
12	(8) PROGRAM TERMINATION.--In the event that the state
13	determines the prepaid program to be financially infeasible, the
14	state may discontinue the provision of the program. Any
15	qualified beneficiary who has been accepted by and is enrolled
16	or is within 18 5years of enrollment in an eligible independent
17	college or university or state postsecondary institution shall
18	be entitled to exercise the complete benefits for which he or
19	she has contracted. All other contract holders shall receive a
20	refund of the amount paid in and an additional amount in the
21	nature of interest at a rate that corresponds, at a minimum, to
22	the prevailing interest rates for savings accounts provided by
23	banks and savings and loan associations.
24	Section 2. This act shall take effect July 1, 2004.