The purpose and effect is to repeal an outdated rule. The Office received a letter from the Joint Administrative Procedures Committee (JAPC) regarding an outdated statutory citation contained within Rule 69V-50.085, F.A.C. ....

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

RULE NO.:RULE TITLE:

69V-50.085Disclosures Required by Section 520.07(3), F.S

PURPOSE AND EFFECT: The purpose and effect is to repeal an outdated rule. The Office received a letter from the Joint Administrative Procedures Committee (JAPC) regarding an outdated statutory citation contained within Rule 69V-50.085, F.A.C. Upon review, the Office determined the rule to be outdated and unnecessary as existing provisions in the rule are currently found in section 520.07, F.S.

SUMMARY: The rule sets forth certain requirements related to the placement of disclosure items required by Section 520.70(3), F.S., and is being repealed as it is outdated and unnecessary.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Agency expressly relies on an analysis of potential impact conducted by persons with subject matter knowledge of this rule.

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.

RULEMAKING AUTHORITY: 520.994(5)

LAW IMPLEMENTED: 520.07(3)

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Sheila Harley, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69V-50.085 Disclosures Required by Section 520.07(3), F.S.

Rulemaking Authority 520.994(5) FS. Law Implemented 520.07(3) FS. History–New 11-25-99, Formerly 3D-50.085, Repealed                   .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Gregory Oaks

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: August 23, 2022