61G7-5.0012. Historical Sketch

(1) Each initial application for an Employee Leasing Company license shall be accompanied by a completed Historical Sketch, found as part of Department application forms incorporated by Rule 61-35.013, F.A.C., and provided separately as Board Form DBPR EL-4512, incorporated by Rule 61G7-10.002, F.A.C. The Historical Sketch is required from those individuals who:

(a) Directly or indirectly control 20% or more of the voting stock of the applicant or of its ultimate parent, if the applicant or its ultimate parent is a publicly traded company; or

(b) Directly or indirectly control 10% or more of the voting stock of the applicant or of its ultimate parent, if the applicant or its ultimate parent is a closely held company; or

(c) Are directors or principal officers of the applicant or its ultimate parent.

(2) In lieu of filing the above mentioned form, the applicant may file updated copies of Form OFR-S-7-91, Exhibit 1 (General Issue) which is incorporated by Florida Office of Financial Regulation Rule 69W-700.001, F.A.C., effective August 8, 2021, for the same individuals which the applicant has previously filed as part of an application for registration of securities with the Florida Office of Financial Regulation, or its predecessor form, or other filings containing similar information which have been filed with the U.S. Securities and Exchange Commission or with any state securities regulatory agency. OFR Rule 69W-700.001, F.A.C., effective August 8, 2021, is incorporated herein by reference and is available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14537.

(3) Each employee leasing company shall, within thirty (30) days of any person’s or entities’ acquisition of 10% or more of its voting stock or the voting stock of the employee leasing company’s ultimate parent (if the employee leasing company or its ultimate parent is a closely-held company) or 20% or more of the voting stock of the employee leasing company or of its ultimate parent (if the employee leasing company or its ultimate parent is a publicly-held company), submit Form DBPR EL 4512, to the Board from such person(s) or entities.

(4) As a condition of renewal all employee leasing companies are also required to update any material changes to the previously filed forms or alternative information.

(5) Each Application for Certificate of Approval for/Notification of Change of Ownership, required by Rule 61G7-10.002, F.A.C., shall be accompanied by a completed Form DBPR EL 4512 for the same individuals as specified in subsection (1), above.

(6) Those employee leasing companies that were not required to have submitted Form DBPR EL 4512 or provide the alternative information as specified in subsection (2), above, as a requirement for initial licensure must submit such forms or information as a condition for renewal of licensure.

(7) If any individual who is required to submit a completed Form DBPR EL 4512 or in the alternative information evidences a lack of good moral character, as defined in Section 468.525(2)(a), F.S., then the initial employee leasing licensure application shall be denied or the license shall not be renewed until the individual(s) in question is no longer involved with the employee leasing company in a capacity which would require the submission of a historical sketch of the individual(s) to the Board as provided herein.

Rulemaking Authority 468.522, 468.524(2), 468.5245 FS. Law Implemented 468.524(2), 468.5245 FS. History–New 1-25-98, Amended 9-5-04, 1-2-13, 4-18-18, 7-20-22.