Laws
When do safe harbor laws cease affect?
Good point, Alex. Although the regulations will not be enforced until July 1st, schools may opt to migrate to new policies and processes sooner.
The new rules go into effect July 1, 2011. It should be encouraged that the transition be made prior to the effective date. We are seeing new compensation plans now to reflect the upcoming changes.
Safe Harbor Laws will be eliminated effective July 1st, 2011.
Will there be a written instruction to verify what changes on that date?
This would be a good topic to follow up on in training to ensure seperation of duties between Admisions and FA.
It will take time for institutions to put in place all of the requirements that are effective July 1, 2011.
IIWII (It is what it is).
I agree that institutions would likely start immediately creating and phasing in an action plan. These kind of changes shouldn't be attempted overnight. The safe harbors are gone as of July 1, 2011. However, this will take advance preparation, planning and training.
I would think that all applicable parties would start making the transition immediately.
