To amend Rule 61G7-5.005, F.A.C., and Form DBPR EL 4505 to make the guarantor financially responsible until the deficiency has been corrected or until a new guarantor has filed an acceptable guaranty with the Board to replace the original guaranty.

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
PURPOSE AND EFFECT: To amend Rule 61G7-5.005, F.A.C., and Form DBPR EL 4505 to make the guarantor financially responsible until the deficiency has been corrected or until a new guarantor has filed an acceptable guaranty with the Board to replace the original guaranty.
SUMMARY: The rule amendment make the guarantor financially responsible until the new guarantor has filed an acceptable guaranty replace the original one.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
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.
SPECIFIC AUTHORITY: 468.522, 468.525(3)(d) FS.
LAW IMPLEMENTED: 468.525(3) FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN FAW.
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 32399-0767

THE FULL TEXT OF THE PROPOSED RULE IS:

61G7-5.005 Deficiency in Tangible Accounting Net Worth; Guaranty Form Acceptable to Board; Sufficient Evidence of Guarantor’s Adequate Resources.

(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 shown by an audited financial statement, or until a new guarantor has filed an acceptable guaranty with the Board which replaces a previously filed guaranty.

(2) through (3) No change.

Rulemaking Specific Authority 468.522, 468.525(3)(d) FS. Law Implemented 468.525(3) FS. History–New 9-6-93, Amended 5-29-94, 5-26-96, 9-5-04, 6-8-08,________.

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: February 17, 2010
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: May 15, 2009