| 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 |
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| 7 | Be It Enacted by the Legislature of the State of Florida: |
| 8 |
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| 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 5 years 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, 2005. |