| 1 | A bill to be entitled |
| 2 | An act relating to the Florida Prepaid College Program; |
| 3 | amending s. 1009.98, F.S.; deleting the requirement that |
| 4 | an independent college or university be a not-for-profit |
| 5 | institution to be eligible for transfer of benefits; |
| 6 | providing an effective date. |
| 7 |
|
| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 |
|
| 10 | Section 1. Paragraph (a) of subsection (3) of section |
| 11 | 1009.98, Florida Statutes, is amended to read: |
| 12 | 1009.98 Florida Prepaid College Program.-- |
| 13 | (3) TRANSFER OF BENEFITS TO PRIVATE AND OUT-OF-STATE |
| 14 | COLLEGES AND UNIVERSITIES AND TO CAREER CENTERS.--A qualified |
| 15 | beneficiary may apply the benefits of an advance payment |
| 16 | contract toward: |
| 17 | (a) An independent college or university that is located |
| 18 | and chartered in Florida, that is not for profit, that is |
| 19 | accredited by the Commission on Colleges of the Southern |
| 20 | Association of Colleges and Schools or the Accrediting Council |
| 21 | for Independent Colleges and Schools, and that confers degrees |
| 22 | as defined in s. 1005.02. |
| 23 |
|
| 24 | The board shall transfer or cause to be transferred to the |
| 25 | institution designated by the qualified beneficiary an amount |
| 26 | not to exceed the redemption value of the advance payment |
| 27 | contract at a state postsecondary institution. If the cost of |
| 28 | registration or housing fees at such institution is less than |
| 29 | the corresponding fees at a state postsecondary institution, the |
| 30 | amount transferred may not exceed the actual cost of |
| 31 | registration and housing fees. A transfer authorized under this |
| 32 | subsection may not exceed the number of semester credit hours or |
| 33 | semesters of dormitory residence contracted on behalf of a |
| 34 | qualified beneficiary. Notwithstanding any other provision in |
| 35 | this section, an institution must be an "eligible educational |
| 36 | institution" under s. 529 of the Internal Revenue Code to be |
| 37 | eligible for the transfer of advance payment contract benefits. |
| 38 | Section 2. This act shall take effect July 1, 2006. |