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Florida Administrative Code (Last Updated: June 27, 2024) |
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69. Department of Financial Services |
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69V. Finance |
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69V-160. Florida Consumer Finance Act |
1(1) A consumer finance licensee must 7at 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:
47(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 80655.005(1)(i), F.S. 82An original of Form OFR-516-03, incorporated by reference in Rule 9269V-160.037, 93F.A.C, must be submitted to the Office.
100(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 131655.005(1)(i), F.S.
133(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-516-02, incorporated by reference in Rule 23269V-160.037, 233F.A.C., must be submitted to the Office.
240Rulemaking Authority 242516.22(1) FS. 244Law Implemented 246516.05, 247516.07 FS. 249History–New 2502-16-23.
