Fla. Admin. Code Ann. R. 69V-160.038 - Liquid Assets, Letter of Credit, and Surety Bond
(1) A consumer
finance company licensee must at all times maintain liquid assets in the amount
of $25,000, on deposit with the institution and held solely for the purpose of
licensure. In lieu of liquid assets, one of the following alternative
collateral devices may be maintained:
(2) A certificate of deposit pledged to the
Office in the amount of $25,000 for the principal place of business and each
branch location. The certificate of deposit must be deposited in a financial
institution as defined in Section
655.005(1)(i),
F.S. An original of Form OFR-516-03, incorporated by reference in Rule
69V-160.037, F.A.C, must be submitted to the Office.
(3) An irrevocable letter of credit in the
amount of $25,000 for the principal place of business and each branch location.
The irrevocable letter of credit must be issued by a financial institution as
defined in Section 655.005(1)(i),
F.S.
(4) A surety bond in the
amount of at least $25,000. A consumer finance company with a licensed
principal place of business must provide to the Office a rider or surety bond
in an amount of at least $5,000 for each additional branch. However, the
aggregate amount of the surety bond required for a consumer finance company
with multiple licenses may not exceed $100,000. The surety bond or rider must
be issued by a bonding company or insurance company authorized to do business
in this state. An original of Form OFR-516-02, incorporated by reference in
Rule 69V-160.037, F.A.C., must be submitted to the Office.
Notes
Rulemaking Authority 516.22(1) FS. Law Implemented 516.05, 516.07 FS.
New2-16-23.
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