Commercial Collection Surety Bond and Procedures

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

Notice of Intent to Grant/Deny Claims Against Financial Credit's Commercial Collection Agency Surety Bond Number

RULE NO.:RULE TITLE:

69V-180.010:Commercial Collection Surety Bond and Procedures

STATE OF FLORIDA

OFFICE OF FINANCIAL REGULATION

NOTICE OF INTENT TO GRANT/DENY CLAIMS AGAINST FINANCIAL CREDIT’S COMMERCIAL COLLECTION AGENCY SURETY BOND NUMBER 775205125

NOTICE IS HEREBY GIVEN that on May 15, 2013, Travelers Casualty & Surety Company of America (“Travelers”) deposited a $50,000.00 check with the Office of Financial Regulation (“Office”) representing the full amount of surety bond number 775205125 purchased by Financial Credit Clearinghouse-1956 Incorporated, d/b/a Butler, Robbins and White (“Financial Credit”), a commercial collection agency, for the use and benefit of any credit grantor who suffers or sustains any loss or damage by reason of any violation of the provisions of Part V, Chapter 559, Florida Statutes, by Financial Credit. Pursuant to Subsection 559.546(2), Florida Statutes, if multiple claims are filed against the surety on any such bond in excess of the amount of the bond, the surety may pay the full amount of the bond to the Office and shall not be further liable under the bond.

The Office is currently in receipt of four claims against bond number 775205125. The Office intends to grant all four claims. In their totality, the claims exceed the $50,000.00 amount of the bond. As such, each claimant will receive a pro rata share of the claimed amount. The funds will be distributed as follows:

(a) Monrovia Nursery will receive $25,331.64

(b) ABC Bus Companies, Inc. will receive $20,101.03

(c) Janice Stanton Trustee for the Estate of Arrow Speed Warehouse, Inc., Bankruptcy Case No. 08-50698, & Adversary-Performance Automotive Group, Inc. d/b/a Trailmaster Suspension Products, Adversary Case No. 10-04300 will receive $4,044.21

(d) National Education Music Co., Ltd. will receive $523.12

Any objections must be filed with the Office within 21 days. Such objections shall be mailed to: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, FL 32314-8050.