The Board proposes the rule amendment to update incorporated materials in the rule.

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
Board of Employee Leasing Companies

RULE NO.: RULE TITLE:
61G7-5.0012: Historical Sketch
PURPOSE AND EFFECT: The Board proposes the rule amendment to update incorporated materials in the rule.
SUMMARY: Material incorporated into the rule will be updated.
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: During discussion of the economic impact of this rule at its Board meeting, the Board, based upon the expertise and experience of its members, determined that a Statement of Estimated Regulatory Costs (SERC) was not necessary and that the rule will not require ratification by the Legislature. No person or interested party submitted additional information regarding the economic impact at that time.
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: 468.522, 468.524(2), 468.5245 FS.
LAW IMPLEMENTED: 468.524(2), 468.5245 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Richard Morrison, Executive Director, Board of Employee Leasing Companies, 1940 North Monroe Street, Tallahassee, Florida 32399-0783.

THE FULL TEXT OF THE PROPOSED RULE IS:

61G7-5.0012 Historical Sketch.

(1) Each initial application for an Employee Leasing Company license shall be accompanied by a completed “Historical Sketch,” Form DBPR EL 4512, effective 5/2011 3-18-2004, which is hereby incorporated by reference and available by mail from the Board office at 1940 North Monroe Street, Tallahassee, Florida 32399-0750 or from its Website at www.myflorida.com, from those individuals who:

(a) through (c) No change.

(2) In lieu of filing the above mentioned form the applicant may file updated copies of “Exhibit 1,” Form OFR-S-7-91, effective 11/22/10, which is hereby incorporated by reference and available at www.flofr.com/securities/reg_forms.aspx, the historical sketches for the same individuals which the applicant has previously filed as part of an application for registration of securities with the Florida Office of Financial Regulation Department of Banking and Finance as a condition for issuing securities contained in form DOSIP-S-1-91, Application for Registration of Securities (Revised 1-91) or DOSIP-S-7-91, Exhibit 1 (General Issue) (Revised 1-91) or its predecessor form, which have been incorporated in Rule 69W-301.002 3E-301.002, F.A.C., or other filings containing similar information which have been filed with the U.S. Securities and Exchange Commission or with any state securities regulatory agency.

(3) Each employee leasing company shall, within thirty (30) days of any person’s or entities’ acquisition of 10% or more of its voting stock or the voting stock of the employee leasing company’s ultimate parent (if the employee leasing company or its ultimate parent is a closely-held company) or 20% or more of the voting stock of the employee leasing company or of its ultimate parent (if the employee leasing company or its ultimate parent is a publicly-held company), submit Form DBPR EL 4512, entitled Historical Sketch, incorporated herein by reference and available from the Board or to the Board from such person(s) or entities.

(4) No change.

(5) Each Application for Certificate of Approval for/Notification of Change of Ownership, required by Rule 61G7-10.002, F.A.C., application for a certificate of approval for a proposed change of ownership shall be accompanied by a completed Form DBPR EL 4512 for the same individuals as specified in subsection (1) above.

(6) through (7) No change.

Rulemaking Specific Authority 468.522, 468.524(2), 468.5245 FS. Law Implemented 468.524(2), 468.5245 FS. History–New 1-25-98, Amended 9-5-04,                  .

NAME OF PERSON ORIGINATING PROPOSED RULE: Board of Employee Leasing Companies
NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Board of Employee Leasing Companies
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: September 19, 2012
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: October 23, 2012