Senate Bill sb1162

    Florida Senate - 2005                                  SB 1162

    By Senator Atwater





    25-835-05                                           See HB 237

  1                      A bill to be entitled

  2         An act relating to the Florida Prepaid College

  3         Program; amending s. 1009.98, F.S.; revising

  4         provisions relating to eligibility for benefits

  5         if the program is terminated; providing an

  6         effective date.

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

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10         Section 1.  Subsection (8) of section 1009.98, Florida

11  Statutes, is amended to read:

12         1009.98  Florida Prepaid College Program.--

13         (8)  PROGRAM TERMINATION.--In the event that the state

14  determines the prepaid program to be financially infeasible,

15  the state may discontinue the provision of the program. Any

16  qualified beneficiary who has been accepted by and is enrolled

17  or is within 18 5 years of enrollment in an eligible

18  independent college or university or state postsecondary

19  institution shall be entitled to exercise the complete

20  benefits for which he or she has contracted. All other

21  contract holders shall receive a refund of the amount paid in

22  and an additional amount in the nature of interest at a rate

23  that corresponds, at a minimum, to the prevailing interest

24  rates for savings accounts provided by banks and savings and

25  loan associations.

26         Section 2.  This act shall take effect July 1, 2005.

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