6E-4.005: Student Protection Fund; Trainout Procedures for Closure
PURPOSE AND EFFECT: The purpose of the proposed rule is to define annual tuition revenue generated in Florida and to require use of a form to report this information to the Commission. The effect of the proposed rule is to clarify the term to assist institutions when calculating payments into the Student Protection Fund and to promote efficiency by requiring the use of a form in transmitting this information to the Commission. The purpose and effect of the proposed rule is also to require institutions to list assets and liabilities on a form and to list the type of financial statement provided by the institution on a form.
SUBJECT AREA TO BE ADDRESSED: Verification of financial information from licensed institutions for Student Protection and licensing.
RULEMAKING AUTHORITY: 1005.35, 1005.37, 1005.38 FS.
LAW IMPLEMENTED: 1005.36(3), 1005.37 FS.
A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
DATE AND TIME: September 20, 2011, 3:00 p.m.
PLACE: Orlando Marriott Lake Mary, 1501 International Parkway, Lake Mary, Florida 32646
Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Commission for Independent Education, 325 West Gaines Street, Suite 1414, Tallahassee, Florida 32399-0400. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Samuel L. Ferguson, Executive Director
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:
6E-4.005 Student Protection Fund; Trainout Procedures for Closure.
Subsections (1)-(4), paragraphs (6)(a) and (b) of this rule shall apply to all licensed nonpublic nondegree schools. Subsection (5) and paragraph (6)(c) shall apply to all licensed institutions.
(1) through (2) No change.
(3) Assessment Paid by Licensed Nondegree Schools. Each licensed school shall pay annually to the fund a specified amount equal to .0005 of the annual gross tuition revenue generated in
(4) Computation and Payment of Assessment.
(a) through (c) No change.
(d) The full and timely payment of the assessment is a condition of licensure. Failure to make such payment shall be grounds for disciplinary action against the school, or for changing the status of a school which is Licensed by Means of Accreditation to a Provisional License, or for denial of an application for license renewal.
(e) Licensed nondegree institutions shall report annual tuition revenue generated in
(5) through (6) No change.
Rulemaking Specific Authority 1005.37 FS. Law Implemented 1005.35(4)(g), 1005.36(3), 1005.37 FS. History–New