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Florida Administrative Code (Last Updated: April 18, 2024) |
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61. Department of Business and Professional Regulation |
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61G7. Board of Employee Leasing Companies |
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61G7-10. Reporting Requirements |
1(1) Each employee leasing company shall submit, not later than 120 days after their fiscal year end, a copy of their current fiscal year end financial statements, prepared in accordance with generally accepted accounting principles, which shall include statement of income and retained earnings, balance sheet, statement of changes in financial position (cash flows), and applicable footnotes. This information may be submitted on the 65Board Form DBPR EL-4506, Standard Financial Statement, effective 5/2011, incorporated herein by reference and available at 81http://www.flrules.org/Gateway/reference.asp?No=Ref-09036, 83or in equivalent format87. The financial statements are to reflect positive working capital and positive accounting net worth, as required in Section 106468.525(3), F.S. 108Quarterly financial statements must be accompanied by a completed Board Form DBPR EL-4503, as required by Rule 12561G7-5.003, 126F.A.C.
127(2) If an employee leasing company’s annual financial report or quarterly report fails to evidence positive working capital or accounting net worth as required by Section 153468.525(3)(d), F.S., 155the deficiencies shall be deemed to be cured if, at the time that the annual or quarterly reports are due, the licensee files additional information evidencing action taken subsequent to the period covered by the required reports which shows that the licensee’s current financial status is in compliance with the provisions of the statute.
209(3) In the case of audited or reviewed annual financial statements, the information must take the form of a subsequent events note to the audit or review report issued by the independent CPA which shows that the licensee has corrected any statutory financial deficiencies that existed in the financial statements as of the audit or review date.
266(4) In the case of quarterly reports, the licensee may:
276(a) Submit a guaranty or letter of credit as provided by Rule 28861G7-5.005, 289F.A.C., which shows that licensee has access to sufficient funds to offset any statutory financial deficiencies that existed in the quarterly statements, or
312(b) Submit a financial statement for the licensee reflecting the re-mediation accompanied by a narrative signed by a controlling person of the licensee outlining the reasons for the deficiencies and setting forth the licensee’s plan to prevent such deficiencies in the future.
354Rulemaking Authority 356468.522 FS. 358Law Implemented 360468.525 FS. 362History–New 5-8-94, Amended 6-23-99, 5-21-00, 3-1-05, 1-24-18.
