of the issuance of an Order regarding the Petition for Waiver or Variance, filed on November 26, 2013, by Certistaff, Certistaff II, Certistaff III, Certistaff IV, Certistaff V, Certistaff VI, Certistaff VII, Certistaff VIII, Certistaff IX, James ...

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Board of Employee Leasing Companies

RULE NO.:RULE TITLE:

61G7-5.0033Consolidated and Combined Financial Statements

The Board of Employee Leasing Companies hereby gives notice of the issuance of an Order regarding the Petition for Waiver or Variance, filed on November 26, 2013, by Certistaff, Certistaff II, Certistaff III, Certistaff IV, Certistaff V, Certistaff VI, Certistaff VII, Certistaff VIII, Certistaff IX, James Knight, Denny Wilson, and Mark Ruggieri. The Notice of Petition for Waiver or Variance was published in Vol. 39, No. 232, of the December 2, 2013, Florida Administrative Register. Petitioners sought a permanent variance of subsection 61G7-5.0033(4), Florida Administrative Code, entitled “Consolidated and Combined Financial Statements,” which provides that a Florida-licensed employee leasing company, employee leasing company group, employee leasing company groups, or any combination thereof, may submit combined audited or reviewed financial statements to meet the requirements of paragraph 468.525(3)(e), F.S., as applicable, so long as there are Board-approved cross-guarantees between all employee leasing companies and all entities covered in the combined financial statement are Florida-licensed employee leasing companies; non-licensed entities may not be included in combined financial statements. The Board considered the instant Petition at a duly-noticed public telephonic meeting, held December 18, 2013.

The Board’s Order, filed on January 28, 2014, granted the petition on the condition that NetQuest Aviation, LLC execute a Board-approved cross guaranty on form EL-4518, prior to Petitioner’s submission of a combined audited financial statement for the fiscal year ending December 31, 2013, that covers NetQuest Aviation, LLC. Petitioners established that, upon muting the stated condition, the purpose of the underlying statute, paragraph 468.525(3)(d), Florida Statutes, would be met by granting a variance or waiver from subsection 61G7-5.0033(4), F.A.C. The Board further found that, upon muting the stated condition, Petitioners established that applying the requirements of the aforementioned rules to their circumstances would violate principles of fairness and impose a substantial hardship.

A copy of the Order or additional information may be obtained by contacting: Richard Morrison, Executive Director, Board of Employee Leasing Companies, 1940 North Monroe Street, Tallahassee, Florida 32399-0750.