The purpose and effect is to amend existing rules and forms to conform to and implement Chapter No. 2022-130, Laws of Florida, which was signed into law on May 20, 2022. The legislation permits a Financial Technology Sandbox ....

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

RULE NOS.:RULE TITLES:

69V-559.1012Adoption of Forms

69V-559.300Net Worth and Bond

PURPOSE AND EFFECT: The purpose and effect is to amend existing rules and forms to conform to and implement Chapter No. 2022-130, Laws of Florida, which was signed into law on May 20, 2022. The legislation permits a Financial Technology Sandbox licensee/applicant offering a financial product or service related to a consumer finance loan to meet certain conditions of licensure by providing documentation of a surety bond, certificate of deposit or letter of credit in lieu of evidence of $25,000 in liquid assets. The amendments will incorporate new forms, revise old forms, and correct grammatical errors.

SUBJECT AREA TO BE ADDRESSED: Consumer Finance

RULEMAKING AUTHORITY: 559.952(5), 559.952(8), 559.952(11)(a)

LAW IMPLEMENTED: 559.952(4), 559.952(4)(a), 559.952(5), 559.952(7)(a), 559.952(7)(b),559.952(8), 559.952(9), 559.952(11)(a)

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE REGISTER.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Sheila Harley, Office of General Counsel, [phone], [e-mail]

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS AVAILABLE AT NO CHARGE FROM THE CONTACT PERSON LISTED ABOVE.