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A bill to be entitled

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An act relating to the Florida Prepaid College Program;

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amending s. 1009.98, F.S.; providing for the powers and

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rights of purchasers and co-purchasers of advance payment

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contracts; differentiating between contracts purchased

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before February 1, 2009, and those purchases after that

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date; providing for the rights of a purchaser to apply to

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the co-purchaser for contracts purchased after that date

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or following a one time election by the purchaser;

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providing an effective date.

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

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     Section 1.  Present subsections (5), (6), (7), (8), and (9)

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of section 1009.98, Florida Statutes, are renumbered as

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subsections (6), (7), (8), (9), and (10), respectively, and a new

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subsection (5) is added to that section, to read:

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     1009.98  Stanley G. Tate Florida Prepaid College Program.--

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     (5) CONTRACT PURCHASERS.--

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     (a) An individual, corporation, or organization may

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purchase an advance payment contract for a qualified beneficiary.

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     1. Co-purchasers are allowed, but not required. If a co-

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purchaser is designated on an advance payment contract, the

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purchaser and co-purchaser shall each enjoy a right of

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survivorship.

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     2. If an individual is named as the purchaser or co-

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purchaser, the individual must be at least 18 years of age and

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must be a United States citizen or a resident alien.

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     (b) For advance payment contracts purchased before February

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1, 2009:

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     1. The purchaser may execute all contract modifications,

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conversions, transfers, terminations, and refund requests without

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the consent or authorization of the co-purchaser if there is a

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co-purchaser. A co-purchaser is entitled only to a right of

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survivorship as provided in paragraph (a).

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     2. Any requests to change the purchaser designated on the

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advance payment contract must be signed by the purchaser and

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notarized.

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     3. If a purchaser authorized to terminate the contract

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requests termination, a co-purchaser must be notified in writing

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by the board at least 7 days before processing the request if the

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co-purchaser's address is different from that of the purchaser.

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     4. Refunds are payable only to the purchaser.

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     (c) For advance payment contracts purchased on or after

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February 1, 2009:

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     1. All requests for contract modifications, conversions,

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transfers, terminations, and refund requests must be signed by

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the purchaser and the co-purchaser and both signatures must be

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notarized.

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     2. Refunds are jointly payable to the purchaser and the co-

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purchaser.

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     (d) If an advance payment contract was purchased before

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February 1, 2009, the purchaser may elect to make the rights of

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the co-purchaser the same as those for a contract purchased on or

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after February 1, 2009, by submitting a written request to the

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board. The request must be signed by the purchaser and the co-

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purchaser and both signatures must be notarized. If changed, the

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change is irrevocable, the provisions of subparagraph (b) no

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longer apply, and the contract is subject to paragraph (c).

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     Section 2.  This act shall take effect upon becoming a law.