Deficiency in Tangible Accounting and Accounting Net Worth; Guaranty Form Acceptable to Board; Sufficient Evidence of Guarantor's Adequate Resources

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
Board of Employee Leasing Companies

Rule No. : RULE TITLE :
61G7-5.005: Deficiency in Tangible Accounting and Accounting Net Worth; Guaranty Form Acceptable to Board; Sufficient Evidence of Guarantor's Adequate Resources

NOTICE OF CHANGE

Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 36 No. 17, April 30, 2010 issue of the Florida Administrative Weekly.

At its February 16, 2011, Board meeting, the Board voted to make the following changes:

(1) When an applicant chooses to have a guaranty to offset any deficiency in tangible accounting net worth regarding an initial application, accounting net worth or working capital regarding a renewal application, such guaranty shall be made on Form DBPR EL 4505, entitled “Board Approved Guaranty Form,” effective 3-18-04, which is incorporated herein by reference and available from the Board at 1940 North Monroe Street, Tallahassee, Florida 32399-0750 and from its Website located at: http://www.myflorida.com/dbpr/pro/emplo/forms.html. Such guaranty shall be irrevocable until such time that the deficiency causing the guaranty has been corrected, as demonstrated by the applicant’s annual financial statement, meeting the requirements of either Rule 61G7-5.0031, F.A.C. or Rule 61G7-5.0032, F.A.C., or until a new guaranty has been submitted and found acceptable by the Board to replace the previously submitted guaranty.

THE PERSON TO BE CONTACTED REGARDING THIS CHANGE IS: Richard Morrison, Executive Director, Board of Employee Leasing Companies, 1940 North Monroe Street, Tallahassee, Florida 32399-0767