Section 516.07(1), F.S., allows an applicant to be denied if the person cannot demonstrate financial responsibility. The amendment to Rule 69V-160.034, F.A.C., clarifies that failure to demonstrate financial responsibility means having a general ...  

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    DEPARTMENT OF FINANCIAL SERVICES
    Finance

    RULE NO.: RULE TITLE:
    69V-160.034: Failure to Demonstrate Financial Responsibility Defined
    PURPOSE AND EFFECT: Section 516.07(1), F.S., allows an applicant to be denied if the person cannot demonstrate financial responsibility. The amendment to Rule 69V-160.034, F.A.C., clarifies that failure to demonstrate financial responsibility means having a general history of unpaid liens, judgments, repossessions, foreclosures, legal debts or having filed a petition for bankruptcy.
    SUMMARY: The proposed amendment to Rule 69V-160.034, F.A.C., clarifies that the Office is not required to obtain a credit history. Instead, the Office is permitted to review an applicant's general history to demonstrate financial responsibility.
    SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:
    The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the agency.
    The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein:
    Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
    RULEMAKING AUTHORITY: 516.22(1), 516.23(3) FS.
    LAW IMPLEMENTED: 516.07(1) FS.
    IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.
    Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 48 hours before the workshop/meeting by contacting: French Brown at (850) 410-9544. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
    THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: French Brown, Director of Legislative and Cabinet Affairs, Office of Financial Regulation, 200 East Gaines Street, Suite 526G, Tallahassee, Florida 32399-0379, (850) 410-9544.

    THE FULL TEXT OF THE PROPOSED RULE IS:

    69V-160.034 Failure to Demonstrate Financial Responsibility Defined.

     As used in Section 516.07(1)(c), F.S., failure to demonstrate “financial responsibility” means having a credit history that reflects any of the following: unpaid liens, judgments, repossessions, foreclosures or an otherwise general history of non-payment of  legal debts, or having filed a petition for bankruptcy under the federal Bankruptcy Code.

     Rulemaking Authority 516.22(1), 516.23(3) FS. Law Implemented 516.07(1) FS. History–New

    10-1-95, Formerly 3D-160.034, Amended _______.


    NAME OF PERSON ORIGINATING PROPOSED RULE: French Brown
    NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission (Governor and Cabinet)
    DATE PROPOSED RULE APPROVED BY AGENCY HEAD: September 18, 2012
    DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: 10/1/12

     

Document Information

Comments Open:
10/26/2012
Summary:
The proposed amendment to Rule 69V-160.034, F.A.C., clarifies that the Office is not required to obtain a credit history. Instead, the Office is permitted to review an applicant's general history to demonstrate financial responsibility.
Purpose:
Section 516.07(1), F.S., allows an applicant to be denied if the person cannot demonstrate financial responsibility. The amendment to Rule 69V-160.034, F.A.C., clarifies that failure to demonstrate financial responsibility means having a general history of unpaid liens, judgments, repossessions, foreclosures, legal debts or having filed a petition for bankruptcy.
Rulemaking Authority:
516.22(1), 516.23(3) FS.
Law:
516.07(1) FS.
Contact:
French Brown, Director of Legislative and Cabinet Affairs, Office of Financial Regulation, 200 East Gaines Street, Suite 526G, Tallahassee, Florida 32399-0379, (850) 410-9544.
Related Rules: (1)
69V-160.034. Failure to Demonstrate Financial Responsibility Defined