(1)
A licensee offering products or services under Chapter 560, F.S., must maintain
a minimum net worth at all times. The minimum net worth amount is determined
based on the maximum number of consumers as authorized by the Office to receive
the innovative financial product or service. See table below to determine the
minimum amount of net worth:
|
Total Number of Consumers
|
Required Amount of Net Worth
|
|
0 - 7,500
|
$25,000
|
|
7,501 - 15,000
|
$50,000
|
|
15,001 - 20,000
|
$75,000
|
|
20,001 - 25,000
|
$100,000
|
(2)
A licensee offering products or services under Chapter 560, F.S., must maintain
a surety bond or alternative security device at all times. Only alternative
security devices allowed in Section
560.209, F.S., may be
substituted for a surety bond. See table below to determine the minimum amount
of surety bond or alternative security device:
|
Total Number of Consumers
|
Required Minimum Amount
|
|
0 - 7,500
|
$75,000
|
|
7,501 - 15,000
|
$150,000
|
|
15,001 - 20,000
|
$200,000
|
|
20,001 - 25,000
|
$250,000
|
(3)
A licensee offering products or services under Chapter 516, F.S., must provide
evidence from an insured financial institution that the liquid assets in the
amount of $25,000 are 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 submitted with the application:
(a) A certificate of deposit pledged to the
Office in the amount of $25,000 for this 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-559-FTS-010, incorporated by reference in Rule
69V-559.1012, F.A.C., must be
submitted to the Office with the application.
(b) An irrevocable letter of credit in the
amount of $25,000 for this location. The irrevocable letter of credit must be
issued by a financial institution as defined in Section
655.005(1)(i),
F.S.
(c) A surety bond in the
amount of at least $25,000. A consumer finance company with at least one
currently licensed location must provide to the Office a rider or surety bond
in an amount of at least $5,000 for each additional license. 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-559-FTS-009, incorporated by reference
in Rule
69V-559.1012, F.A.C., must be
submitted with the application.
Notes
Fla. Admin.
Code Ann. R. 69V-559.300
Rulemaking Authority 559.952(11)(a) FS. Law Implemented
559.952(4), (9), (11)(a) FS.
Adopted by
Florida
Register Volume 47, Number 002, January 5, 2021 effective
1/18/2021, Amended
by
Florida
Register Volume 49, Number 020, January 31, 2023 effective
2/15/2023.
New 1-18-21, Amended
2-15-23.
