Senate Bill sb1486
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Florida Senate - 2004 SB 1486
By Senator Carlton
23-915-04
1 A bill to be entitled
2 An act relating to the exemption of assets from
3 legal process; amending s. 222.22, F.S.;
4 exempting from legal process in favor of
5 creditors or other claimants assets held in
6 qualified tuition programs, in certain medical
7 savings accounts, or in Coverdell education
8 savings accounts; providing an effective date.
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10 Be It Enacted by the Legislature of the State of Florida:
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12 Section 1. Section 222.22, Florida Statutes, is
13 amended to read:
14 222.22 Exemption of assets in qualified tuition
15 programs, medical savings accounts, and Coverdell education
16 savings accounts moneys in the Prepaid College Trust Fund or
17 in a Medical Savings Account from legal process.--
18 (1)(a) Moneys paid into or out of, the assets of, and
19 the income of any validly existing qualified tuition program
20 authorized by s. 529 of the Internal Revenue Code of 1986, as
21 amended, including, but not limited to, the Florida Prepaid
22 College Trust Fund advance payment contracts under s. 1009.98
23 and Florida Prepaid College Trust Fund participation
24 agreements under s. 1009.981 the Florida Prepaid College Trust
25 Fund by or on behalf of a purchaser or qualified beneficiary
26 pursuant to an advance payment contract made under part IV of
27 chapter 1009, which contract has not been terminated, are not
28 liable to attachment, levy, garnishment, or legal process in
29 the state in favor of any creditor of or claimant against any
30 program participant, purchaser, owner or contributor, or
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Florida Senate - 2004 SB 1486
23-915-04
1 program beneficiary the purchaser or beneficiary of such
2 advance payment contract.
3 (2)(b) Moneys paid into or out of, the assets of, and
4 the income of a medical savings account authorized under s.
5 220 of the Internal Revenue Code of 1986, as amended, are not
6 liable to attachment, levy, garnishment, or legal process in
7 this state in favor of any creditor of or claimant against any
8 account participant, purchaser, owner or contributor, or
9 account beneficiary.
10 (3) Moneys paid into or out of, the assets of, and the
11 income of any Coverdell education savings account, also known
12 as an educational IRA, established or existing in accordance
13 with s. 530 of the Internal Revenue Code of 1986, as amended,
14 are not liable to attachment, levy, garnishment, or legal
15 process in this state in favor of any creditor of or claimant
16 against any account participant, purchaser, owner or
17 contributor, or account beneficiary. the Prepaid College Trust
18 Fund by or on behalf of a benefactor or designated beneficiary
19 pursuant to a participation agreement made under s. 1009.981,
20 which agreement has not been terminated, are not liable to
21 attachment, garnishment, or legal process in the state in
22 favor of any creditor of the purchaser or beneficiary of such
23 participation agreement.
24 (2) Moneys paid into or out of a Medical Savings
25 Account by or on behalf of a person depositing money into such
26 account or a qualified beneficiary are not liable to
27 attachment, garnishment, or legal process in the state in
28 favor of any creditor of such person or beneficiary of such
29 Medical Savings Account.
30 Section 2. This act shall take effect upon becoming a
31 law.
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Florida Senate - 2004 SB 1486
23-915-04
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2 SENATE SUMMARY
3 Exempts from legal process in favor of creditors or other
claimants assets held in qualified tuition programs, in
4 certain medical savings accounts, or in Coverdell
education savings accounts.
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