CS/HB 1151 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to the Stanley G. Tate Florida Prepaid 2
College Program; amending s. 1009.98, F.S.; revising 3
the definition of the term "tuition differential"; 4
revising provisions relating to payments the board 5
must pay to state universities on behalf beneficiaries 6
of specified contracts; providing an effective date. 7
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Be It Enacted by the Legislature of the State of Florida: 9
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Section 1. Paragraphs (a) thr ough (f) of subsection (10) 11
of section 1009.98, Florida Statutes, are amended to read: 12
1009.98 Stanley G. Tate Florida Prepaid College Program. — 13
(10) PAYMENTS ON BEHALF OF QUALIFIED BENEFICIARIES. — 14
(a) As used in this subsection, the term: 15
1. "Actuarial reserve" means the amount by which the 16
expected value of the assets exceeds the expected value of the 17
liabilities of the trust fund. 18
2. "Dormitory fees" means the fees included under advance 19
payment contracts pursuant to paragraph (2)(d). 20
3. "Fiscal year" means the fiscal year of the state 21
pursuant to s. 215.01. 22
4. "Local fees" means the fees covered by an advance 23
payment contract provided pursuant to subparagraph (2)(b)2. 24
5. "Tuition differential" means the fee covered by advance 25
CS/HB 1151 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
payment contracts sold pursuant to subparagraph (2)(b)3. The 26
base rate for the tuition differential fee for the 2012 -2013 27
fiscal year is established at $37.03 per credit hour. The base 28
rate for the tuition differential in subsequent years is the 29
amount assessed for th e tuition differential for the preceding 30
year adjusted pursuant to subparagraph (b)2. 31
(b) Effective with the 2022-2023 2009-2010 academic year 32
and thereafter, and notwithstanding s. 1009.24, the amount paid 33
by the board to any state university on behalf of a qualified 34
beneficiary of an advance payment contract whose contract was 35
purchased before July 1, 2034 2024, shall be: 36
1. As to registration fees, if the actuarial reserve is 37
less than 5 percent of the expected liabilities of the trust 38
fund, the board shall pay the state universities 5.5 percent 39
above the amount assessed for registration fees in the preceding 40
fiscal year. If the actuarial reserve is between 5 percent and 6 41
percent of the expected liabilities of the trust fund, the board 42
shall pay the state universities 6 percent above the amount 43
assessed for registration fees in the preceding fiscal year. If 44
the actuarial reserve is between 6 percent and 7.5 percent of 45
the expected liabilities of the trust fund, the board shall pay 46
the state universiti es 6.5 percent above the amount assessed for 47
registration fees in the preceding fiscal year. If the actuarial 48
reserve is equal to or greater than 7.5 percent of the expected 49
liabilities of the trust fund, the board shall pay the state 50
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
universities 7 percen t above the amount assessed for 51
registration fees in the preceding fiscal year, whichever is 52
greater. 53
2. As to the tuition differential, if the actuarial 54
reserve is less than 5 percent of the expected liabilities of 55
the trust fund, the board shall pay th e state universities 5.5 56
percent above the amount assessed base rate for the tuition 57
differential fee in the preceding fiscal year. If the actuarial 58
reserve is between 5 percent and 6 percent of the expected 59
liabilities of the trust fund, the board shall p ay the state 60
universities 6 percent above the amount assessed base rate for 61
the tuition differential fee in the preceding fiscal year. If 62
the actuarial reserve is between 6 percent and 7.5 percent of 63
the expected liabilities of the trust fund, the board sh all pay 64
the state universities 6.5 percent above the amount assessed 65
base rate for the tuition differential fee in the preceding 66
fiscal year. If the actuarial reserve is equal to or greater 67
than 7.5 percent of the expected liabilities of the trust fund, 68
the board shall pay the state universities 7 percent above the 69
amount assessed base rate for the tuition differential fee in 70
the preceding fiscal year. 71
3. As to local fees, the board shall pay the state 72
universities 5 percent above the amount assessed for local fees 73
in the preceding fiscal year. 74
4. As to dormitory fees, the board shall pay the state 75
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universities 6 percent above the amount assessed for dormitory 76
fees in the preceding fiscal year. 77
5. Qualified beneficiaries of advance payment contracts 78
purchased before July 1, 2007, are exempt from paying any 79
tuition differential fee. 80
(c) Notwithstanding the amount assessed for registration 81
fees, the tuition differential, or local fees, the amount paid 82
by the board to any state university on behalf of a qualified 83
beneficiary of an advance payment contract purchased before July 84
1, 2034 July 1, 2024, may not exceed 100 percent of the amount 85
charged by the state university for the aggregate sum of those 86
fees. 87
(d) Notwithstanding the amount assessed for d ormitory 88
fees, the amount paid by the board to any state university on 89
behalf of a qualified beneficiary of an advance payment contract 90
purchased before July 1, 2034 July 1, 2024, may not exceed 100 91
percent of the amount charged by the state university for 92
dormitory fees. 93
(e) Notwithstanding the number of credit hours used by a 94
state university to assess the amount for registration fees, 95
tuition, tuition differential, or local fees, the amount paid by 96
the board to any state university on behalf of a quali fied 97
beneficiary of an advance payment contract purchased before July 98
1, 2034 July 1, 2024, may not exceed the number of credit hours 99
taken by that qualified beneficiary at the state university. 100
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(f) The board shall pay state universities the actual 101
amount assessed in accordance with law for registration fees, 102
the tuition differential, local fees, and dormitory fees for 103
advance payment contracts purchased on or after July 1, 2034 104
July 1, 2024. 105
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Section 2. This act shall take effect July 1, 2024. 107