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
Deficiency in Tangible Accounting and Accounting Net Worth; Guaranty Form Acceptable to Board; Sufficient Evidence of Guarantor's Adequate Resources
- NOTICE OF CORRECTIONNotice is hereby given that the following correction has been made to the proposed rule in Vol. 36 No. 17, April 30, 2010 issue of the Florida Administrative Weekly.
These corrections is being made in response to comments received from the Joint
Administrative Procedures Committee on June 9, 2010. The corrections are as follows:
This is an amended summary of the Statement of Estimated Regulatory Costs (SERC).
Currently there are 298 licensed controlling persons, and 406 licensed employee leasing companies in the State of Florida. The amended rule will apply to all employee leasing companies using a guaranty to offset any deficiency in tangible accounting net worth or working capital. The board has never asked the Employee Leasing Companies to provide an audited financial statement, or asked the new guaranty to replace the previously filed guaranty. The rule amendment would require employee leasing companies to provide proof that a guaranty is in place and valid until any deficiency is corrected or replaced by way of an audited financial statement or a new guaranty filed with the board. There may be a financial impact on the companies that make this request in the form of the cost of an audited financial statement.
PURPOSE AND EFFECT: To amend the rule adding the Departments web address where the form may be obtained, and 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.
These corrections do not affect the substance of the rule as it appeared in the Florida Administrative Weekly.
