SB 464 — Prepaid College Plans

Florida Senate - 2019 CS for SB 464 By Senatorthe FloresCommittee 39-00814-19on 2019464__Education; A bill to be entitled An act relating to prepaid college plans;

and Senator Flores 581-03243-19 2019464c1 A bill to be entitled An act relating to prepaid college plans;

authorizing eachthe statetransfer universityof tofees specifyassociated thewith qualifieddormitory nonprofitresidency organizationsto thatapproved mayqualified receivenonprofit prepaidorganizations dormitoryunder residencecertain plancircumstances; fees;

authorizingprohibiting a qualified beneficiary to transfer or cause to have transferred the fees associatedfrom withexceeding dormitorya residencespecified toamount; certain Florida College System institutions, Florida College System institution direct-support organizations, or qualified nonprofit organizations;

specifying that dormitory fees transferred to a qualified nonprofit organization may not exceed a certain limitation;

making technical changes;

1711 Be It Enacted by the Legislature of the State of Florida:

1913 Section 1. Paragraph (d) of subsection (2) of section 1009.98, Florida Statutes, is amended to read:

Each state university may specify qualified nonprofit organizations as defined in sub-sub subparagraph 2.a.(III) which may receive prepaid dormitory residence plan fees.

2.a. IfIf a qualified beneficiary failsis to be admitted to athe state university orand choosesfinds tohousing attendwith a Floridaqualified Collegenonprofit Systemorganization, institutionas thatdefined operatesin onesubparagraph or2., morethat dormitoriesis orapproved residency opportunities, or has one or more dormitories or residency opportunities operated by the Floridastate Collegeuniversity, System institution direct-support organization, the qualifiedstate beneficiaryuniversity may transfer or cause to have transferred to the qualified nonprofit organization the fees associated with dormitory residenceresidence. to:

(I) AIf thea qualified beneficiary fails to be admitted to a state university or chooses to attend a Florida College System institution that operates one or more dormitories or residency opportunities;,opportunities, or (II) Ahas one or more dormitories or residency opportunities operated by the Florida College System institution direct-support organizationorganization, thatthe operatesqualified onebeneficiary may transfer or morecause dormitoriesto have transferred to the Florida College System institution, or residencyFlorida opportunities;College System institution direct-support organization, the fees associated with dormitory residence.

or,If (III) Aa qualified beneficiary attends a Florida College System institution and finds housing with a qualified nonprofit organization, as defined in subparagraph 2., that is approved by the Florida College System institution, the Florida College System institution may transfer or cause to have transferred to the qualified nonprofit organization the fees associated with dormitory residence.

ForDormitory fees transferred to a the Florida College System institution, or Florida College System institution direct-support organization, or qualified nonprofit organization may not exceed the average maximum fees charged for state university dormitory residence for the purposes of this paragraph,section, or the termfees “qualifiedcharged nonprofitfor organization”Florida meansCollege aSystem nonprofitinstitution or Florida College System institution direct-support organization underdormitories s.or residency opportunities, whichever is less.

501(c)(3)2. For purposes of thethis Internalparagraph, Revenuethe Codeterm which“qualified providesnonprofit studentorganization” livingmeans housing on or near the campus of a Floridanonprofit Collegeorganization Systemunder institutions. or state university to full-time students of that institution.

b. Dormitory501(c)(3) feesof transferred to the FloridaUnited CollegeStates SystemInternal institution,Revenue orCode Floridawhich Collegeprovides Systemone institutionor directmore supportdormitories organization, or qualifiedresidency nonprofitopportunities organizationto maystudents notenrolled exceedfull-time thein maximuma fees charged for state university dormitory residence for the purposes of this section, or theFlorida feesCollege chargedSystem forinstitution, Floridaprimarily Collegesupports Systemstudents institutionthat orlack Floridafinancial Collegeresources, Systemand institutionhas direct-supportbeen organizationapproved dormitoriesby orthe residencyboard opportunities,for whicheverinclusion isin less.the plan.