Fla. Admin. Code Ann. R. 69O-193.053 - Waiver of Minimum Liquid Reserves

(1) If principal and interest payments are paid to a trust that is beneficially held by residents as described in Section 651.023(7), F.S., the Office may waive all or any portion of the escrow requirements for mortgage principal and interest if the Office finds that such waiver is not inconsistent with the security protections intended by Chapter 651, FS.

(2) To obtain a waiver for all or any part of the escrow requirement for mortgage principal and interest contained in Section 651.035(1), F.S., the provider must meet the requirements of Section 651.023(7), F.S., and file Form OIR-A3-1068, "Request for Waiver of Minimum Liquid Reserve Requirement," effective 7/20, hereby incorporated by reference and https://www.flrules.org/Gateway/reference.asp?No=14464. The filings shall be submitted electronically at https://www.floir.com/iportal;

(3) For a new facility commencing operations, Form OIR-A3-1068 must be submitted no later than 30 days before the provider requests the release of moneys held in escrow pursuant to Section 651.023(6), F.S. For a provider whose after escrowed funds have been released, Form OIR-A3-1068 shall be filed with the Office, on or before May 1 of each year if the provider's fiscal year end is December 31 or within 120 days of the last day of the fiscal year of the provider if the provider has declared a fiscal year other than the calendar year.

(4) Any previous waiver granted by the Office terminates as of the date the provider is required to file its next MLR calculation. If the subsequent request for waiver is denied, the provider shall have 61 days from the date MLR calculation and Request for Waiver of Minimum Liquid Reserve were due to be filed to fully fund the required reserve accounts.

Notes

Fla. Admin. Code Ann. R. 69O-193.053

Rulemaking Authority 651.015(3) FS. Law Implemented 651.023, 651.035 FS.

New 7-16-92, Formerly 4-193.053, Amended by Florida Register Volume 46, Number 038, February 25, 2020 effective 3/12/2020, Amended by Florida Register Volume 48, Number 130, July 6, 2022 effective 7/21/2022.

New 7-16-92, Formerly 4-193.053, Amended 3-12-20, 7-21-22.