The Board proposes an amendment that reduces the quarterly report burden on licensees and helps the licensees by clarifying the documents needed and the timing for the reports.

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Board of Employee Leasing Companies

RULE NO.:RULE TITLE:

61G7-10.001Examination of Financial Records: Verification of Compliance

PURPOSE AND EFFECT: The Board proposes an amendment that reduces the quarterly report burden on licensees and helps the licensees by clarifying the documents needed and the timing for the reports.

SUMMARY: The proposed amendment sets forth the required documentation for annual and quarterly reports.

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: During discussion of the economic impact of this rule at its Board meeting, the Board concluded that this rule change will not have any impact on licensees and their businesses or the businesses that employ them. The rule will not increase any fees, business costs, personnel costs, will not decrease profit opportunities, and will not require any specialized knowledge to comply. This change will not increase any direct or indirect regulatory costs. Hence, the Board determined that a Statement of Estimated Regulatory Costs (SERC) was not necessary and that the rule will not require ratification by the Legislature. No person or interested party submitted additional information regarding the economic impact at that time.

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: 468.522, 468.529(4) FS.

LAW IMPLEMENTED: 455.227, 468.525(3)(d), 468.529(4), 468.535 FS.

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: Richard Morrison, Executive Director, Board of Employee Leasing Companies, 2601 Blair Stone Road, Tallahassee, Florida 32399-0783, [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

61G7-10.001 Examination of Financial Records; Verification of Compliance.

(1) In accordance with sections 468.525(3)(d) and 468.535, F.S., the department may make investigations, audits, or reviews of each individual or company licensed pursuant to Section 468.526(1), F.S., to determine whether it has violated or is in danger of violating Chapter 468, Part XI, F.S.; Chapter 455, F.S.; or any rule of the board or department. In order for the Board to determine that each employee leasing company has maintained net worth and positive working capital, each employee leasing company shall submit quarterly reports. The reports shall be made on Board Form DBPR EL-4504, Quarterly Report Form, effective 10/2019, incorporated herein by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-11321. All required submissions, as set forth below, shall be made in furtherance of a licensure renewal application and The reports shall be submitted to the department within 75 days of the end of each quarter.

(a) No Change.

(b) For the second and the fourth quarterly reports, no balance sheet or income statement shall be submitted; however, a copy of the company’s workers’ compensation certificate of insurance in effect for the applicable quarter shall be submitted with the report. The department will accept a timely filed annual financial report along with a copy. Each employee leasing company shall submit a copy of the company’s workers’ compensation certificate of insurance in effect for the applicable quarter in lieu of a quarterly report for the last quarter in an employee leasing company’s fiscal year.

(2) Through (3) No Change.

Rulemaking Authority 468.522, 468.529(4) FS. Law Implemented 455.227, 468.525(3)(d), 468.529(4), 468.535 FS. History–New 8-12-92, Amended 6-1-93, Formerly 21EE-10.001, Amended 5-8-94, 12-19-94, 3-1-05, 2-3-13, 2-18-15, 1-24-18, 12-9-19,_______________________.

 

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: July 16, 2021

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: August 13, 2021