HB 0607 2004
1	A bill to be entitled
2	An act relating to the exemption of assets from legal
3	process; amending s. 222.22, F.S.; exempting from legal
4	process in favor of creditors or other claimants assets
5	held in qualified tuition programs, in certain medical
6	savings accounts, or in Coverdell education savings
7	accounts; providing an effective date.
8
9	Be It Enacted by the Legislature of the State of Florida:
10
11	Section 1. Section 222.22, Florida Statutes, is amended to
12	read:
13	222.22 Exemption of assets in qualified tuition programs,
14	medical savings accounts, and Coverdell education savings
15	accounts moneys in the Prepaid College Trust Fund or in a
16	Medical Savings Accountfrom legal process.--
17	(1)(a) Moneys paid into or out of, the assets of, and the
18	income of any validly existing qualified tuition program
19	authorized by s. 529 of the Internal Revenue Code of 1986, as
20	amended, including, but not limited to, the Florida Prepaid
21	College Trust Fund advance payment contracts under s. 1009.98
22	and Florida Prepaid College Trust Fund participation agreements
23	under s. 1009.981 the Florida Prepaid College Trust Fund by or
24	on behalf of a purchaser or qualified beneficiary pursuant to an
25	advance payment contract made under part IV of chapter 1009,
26	which contract has not been terminated, are not liable to
27	attachment, levy,garnishment, or legal process in the state in
28	favor of any creditor of or claimant against any program
29	participant, purchaser, owner or contributor, or program
30	beneficiary the purchaser or beneficiary of such advance payment
31	contract.
32	(2)(b) Moneys paid into or out of, the assets of, and the
33	income of a medical savings account authorized under s. 220 of
34	the Internal Revenue Code of 1986, as amended, are not liable to
35	attachment, levy, garnishment, or legal process in this state in
36	favor of any creditor of or claimant against any account
37	participant, purchaser, owner or contributor, or account
38	beneficiary.
39	(3) Moneys paid into or out of, the assets of, and the
40	income of any Coverdell education savings account, also known as
41	an educational IRA, established or existing in accordance with
42	s. 530 of the Internal Revenue Code of 1986, as amended, are not
43	liable to attachment, levy, garnishment, or legal process in
44	this state in favor of any creditor of or claimant against any
45	account participant, purchaser, owner or contributor, or account
46	beneficiary. the Prepaid College Trust Fund by or on behalf of a
47	benefactor or designated beneficiary pursuant to a participation
48	agreement made under s. 1009.981, which agreement has not been
49	terminated, are not liable to attachment, garnishment, or legal
50	process in the state in favor of any creditor of the purchaser
51	or beneficiary of such participation agreement.
52	(2) Moneys paid into or out of a Medical Savings Account
53	by or on behalf of a person depositing money into such account
54	or a qualified beneficiary are not liable to attachment,
55	garnishment, or legal process in the state in favor of any
56	creditor of such person or beneficiary of such Medical Savings
57	Account.
58	Section 2. This act shall take effect upon becoming a law.