61G4-15.006. Financial Responsibility and Financial Stability, Grounds for Denial  


Effective on Tuesday, February 12, 2008
  • 1(1) The financial responsibility ground on which the Board shall refuse to qualify an applicant 16is failure to provide a current consumer credit report, as defined in 28R29ule 3061G4-12.011, 31F.A.C., which consumer credit report does not disclose any unsatisfied judgments or liens against the applicant. In addition, there must not be any unsatisfied judgments or liens against the business entity which the applicant previously qualified as a primary qualifier or which the applicant has applied to qualify.

    79(2) The financial stability ground on which the Board shall refuse to qualify an applicant 94is 95failure to provide 98proof of either 101a financial stability bond 105or an irrevocable letter of credit from a bank authorized to do business in the State of Florida. 123The bond or letter of credit must be in a form acceptable to the Board and must remain in effect until the applicant can demonstrate a credit score, FICO derived, of 660 or higher, and must be 160payable 161as provided in Rule 16561G4-15.0021, 166F.A.C., for Financially Responsible Officers 171in the amount of:

    175(a) $20,000 for Division I applicants.

    182(b) $10,000 for Division II applicants.

    189(3) 190Fifty percent of the financial stability bond or the letter of credit requirement may be met by completion of a 14-hour financial responsibility course approved by the Board.

    218(4) 219An applicant may meet both the financial responsibility and financial stability requirements by providing 233proof of 235a current consumer credit report, as defined in Rule 24461G4-12.011, 245F.A.C, 246with a 248credit 249score, 250FICO 251derived, of 660 or higher, 256which consumer credit report does not disclose any unsatisfied judgments or liens against the applicant. 271In addition, there must not be any unsatisfied judgments or liens against the business entity which the applicant previously qualified as a primary qualifier or which the applicant has applied to qualify.

    303Specific Authority 305489.115(5), 306(6) FS. Law Implemented 310489.115(5), 311(6) FS. History–New 1-6-80, Amended 5-4-80, Formerly 21E-15.06, 21E-15.006, Amended 10-31-96, 11-13-97, 3232-12-08324.

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