Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. CS for SB 550
Barcode 092198
CHAMBER ACTION
Senate House
.
.
1 Comm: FAV .
04/18/2006 08:41 PM .
2 .
.
3 .
.
4 ______________________________________________________________
5
6
7
8
9
10 ______________________________________________________________
11 The Committee on Education Appropriations (Lynn) recommended
12 the following amendment:
13
14 Senate Amendment (with title amendment)
15 Delete everything after the enacting clause
16
17 and insert:
18 Section 1. The Florida Prepaid College Program is
19 renamed and may be cited as the "Stanley G. Tate Florida
20 Prepaid College Program."
21 Section 2. Subsection (5) of section 1009.972, Florida
22 Statutes, is amended to read:
23 1009.972 Florida Prepaid College Trust Fund.--
24 (5) Notwithstanding the provisions of chapter 717,
25 funds associated with terminated advance payment contracts
26 pursuant to s. 1009.98(4)(k) and canceled contracts for which
27 no refunds have been claimed shall be retained by the board.
28 The board shall establish procedures for notifying purchasers
29 who subsequently cancel their advance payment contracts of any
30 unclaimed refund and shall establish a time period after which
31 no refund may be claimed by a purchaser who canceled a
1
2:29 PM 04/17/06 s0550c1d-ea07-t01
Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. CS for SB 550
Barcode 092198
1 contract. The board may transfer funds retained from such
2 terminated advance payment contracts and canceled contracts to
3 the Florida Prepaid Tuition Scholarship Program to provide
4 matching funds for prepaid tuition scholarships for
5 economically disadvantaged youth who remain drug free and
6 crime free. In addition, such funds may be used for any other
7 scholarship programs approved by the board under s.
8 1009.983(8)(b) if the matching funds are obtained solely from
9 the private sector.
10 Section 3. Paragraph (a) of subsection (3) and
11 paragraph (k) of subsection (4) of section 1009.98, Florida
12 Statutes, are amended to read:
13 1009.98 Florida Prepaid College Program.--
14 (3) TRANSFER OF BENEFITS TO PRIVATE AND OUT-OF-STATE
15 COLLEGES AND UNIVERSITIES AND TO CAREER CENTERS.--A qualified
16 beneficiary may apply the benefits of an advance payment
17 contract toward:
18 (a) An independent college or university that is
19 located and chartered in Florida, that is not for profit, that
20 is accredited by the Commission on Colleges of the Southern
21 Association of Colleges and Schools or the Accrediting Council
22 for Independent Colleges and Schools, and that confers degrees
23 as defined in s. 1005.02. Any advertisement disseminated by an
24 eligible for-profit independent college or university which
25 refers to the Florida Prepaid College Program must clearly
26 state: "While the benefits of a Florida Prepaid College
27 contract may be used at this institution, the Florida Prepaid
28 College Board does not endorse any particular college or
29 university."
30
31 The board shall transfer or cause to be transferred to the
2
2:29 PM 04/17/06 s0550c1d-ea07-t01
Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. CS for SB 550
Barcode 092198
1 institution designated by the qualified beneficiary an amount
2 not to exceed the redemption value of the advance payment
3 contract at a state postsecondary institution. If the cost of
4 registration or housing fees at such institution is less than
5 the corresponding fees at a state postsecondary institution,
6 the amount transferred may not exceed the actual cost of
7 registration and housing fees. A transfer authorized under
8 this subsection may not exceed the number of semester credit
9 hours or semesters of dormitory residence contracted on behalf
10 of a qualified beneficiary. Notwithstanding any other
11 provision in this section, an institution must be an "eligible
12 educational institution" under s. 529 of the Internal Revenue
13 Code to be eligible for the transfer of advance payment
14 contract benefits.
15 (4) ADVANCE PAYMENT CONTRACTS.--The board shall
16 develop advance payment contracts for registration and may
17 develop advance payment contracts for dormitory residence as
18 provided in this section. Advance payment contracts shall be
19 exempt from chapter 517 and the Florida Insurance Code. Such
20 contracts shall include, but not be limited to, the following:
21 (k) The period of time after which advance payment
22 contracts that have not been terminated or the benefits used
23 shall be considered terminated. Time expended by a qualified
24 beneficiary as an active duty member of any of the armed
25 services of the United States shall be added to the period of
26 time specified by the board. A No purchaser or qualified
27 beneficiary whose advance payment contract is terminated
28 pursuant to this paragraph is not shall be entitled to a
29 refund. Notwithstanding chapter 717, the board shall retain
30 any moneys paid by the purchaser for an advance payment
31 contract that has been terminated in accordance with this
3
2:29 PM 04/17/06 s0550c1d-ea07-t01
Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. CS for SB 550
Barcode 092198
1 paragraph. Such moneys may be transferred to the Florida
2 Prepaid Tuition Scholarship Program to provide matching funds
3 for prepaid tuition scholarships for economically
4 disadvantaged youths who remain drug free and crime free. In
5 addition, such funds may be used for any other scholarship
6 programs approved by the board under s. 1009.983(8)(b) if the
7 matching funds are obtained solely from the private sector.
8 Section 4. Subsection (8) is added to section
9 1009.983, Florida Statutes, to read:
10 1009.983 Direct-support organization; authority.--
11 (8)(a) The direct-support organization shall
12 administer the Florida Prepaid Tuition Scholarship Program
13 pursuant to the provisions of s. 1009.984.
14 (b) The board may establish and administer additional
15 scholarship programs supported from escheated funds retained
16 by the board pursuant to s. 1009.972(5) if the matching funds
17 used for such scholarships are obtained solely from the
18 private sector.
19 Section 5. This act shall take effect July 1, 2006.
20
21
22 ================ T I T L E A M E N D M E N T ===============
23 And the title is amended as follows:
24 Delete everything before the enacting clause
25
26 and insert:
27 A bill to be entitled
28 An act relating to scholarship programs;
29 renaming the Florida Prepaid College Program as
30 the "Stanley G. Tate Florida Prepaid College
31 Program"; amending s. 1009.972, F.S.; providing
4
2:29 PM 04/17/06 s0550c1d-ea07-t01
Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. CS for SB 550
Barcode 092198
1 for the Florida Prepaid Tuition Scholarship
2 Program to be funded with moneys retained from
3 certain terminated or cancelled contracts under
4 the Florida Prepaid College Program;
5 authorizing the Florida Prepaid College Board
6 and Prepaid College Foundation Board to approve
7 scholarship programs for such funding;
8 requiring that any matching funds be donated by
9 the private sector; amending s. 1009.98, F.S.;
10 deleting a restriction on the types of
11 postsecondary educational institutions in which
12 a qualified beneficiary may use his or her
13 benefits under the Florida Prepaid College
14 Program; requiring certain advertisements to
15 contain a disclaimer regarding the program;
16 conforming provisions to changes made by the
17 act; requiring that any matching funds be
18 donated by the private sector; amending s.
19 1009.983, F.S.; requiring the direct-support
20 organization of the Florida Prepaid College
21 Board to administer the scholarship program;
22 authorizing the board to establish and
23 administer additional scholarship programs
24 supported from escheated funds retained by the
25 board if the matching funds used for the
26 scholarships are obtained solely from the
27 private sector; providing an effective date.
28
29
30
31
5
2:29 PM 04/17/06 s0550c1d-ea07-t01