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Florida Administrative Code (Last Updated: October 28, 2024) |
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69. Department of Financial Services |
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69V. Finance |
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69V-559. FINANCIAL TECHNOLOGY SANDBOX |
1(1) A licensee offering products or services under Chapter 560, F.S., must maintain a minimum net worth at all times. The minimum net worth amount is determined based on the maximum number of consumers as authorized by the Office to receive the innovative financial product or service. See table below to determine the minimum amount of net worth:
59Total Number of Consumers 63Required Amount of Net Worth
680 69‒ 7,500 72$25,000
747,501 ‒ 15,000 79$50,000
8115,001 ‒ 20,000 86$75,000
8820,001 ‒ 25,000 93$100,000
95(2) A licensee offering products or services under Chapter 560, F.S., must maintain a surety bond or alternative security device at all times. Only alternative securit121y devices allowed in Section 126560.209, F.S., 128may be substituted for a surety bond. See table below to determine the minimum amount of surety bond or alternative security device:
150Total Number of Consumers 154Required Minimum Amount
1570 ‒ 7,500 161$75,000
1637,501 ‒ 16615,000 168$150,000
17015,001 ‒ 20,000 175$200,000
17720,001 ‒ 25,000 182$250,000
184(3) A licensee offering products or services under Chapter 516, F.S., must provide evidence from an insured financial institution that the liquid assets in the amount of $25,000 are on depos216it with the institution and held solely for the purpose of licensure. In lieu of liquid assets, one of the following alternative collateral devices may be submitted with the application:
246(a) A certificate of deposit pledged to the Office in the amount of $25,000 for this location.
264The certificate of deposit must be deposited in a financial institution as defined in Section 279655.005(1)(i), F.S. 281An original of Form OFR-559-FTS-010, incorporated by reference in Rule 69V-559.1012, F.A.C., must be submitted to the Office with the application.
302(b) An irrevocable letter of credit in the amount of $25,000 for this location. The irrevocable letter of credit must be issued by a financial institution as defined in Section 333655.005(1)(i), F.S.
335(c) A surety bond in the amount of at least $25,000. A consumer finance company with at least one currently licensed location must provide to the Office a rider or surety bond in an amount of at least $5,000 for each additional license. However, the aggregat383e amount of the surety bond required for a consumer finance company with multiple licenses may not exceed $100,000. The surety bond or rider must be issued by a bonding company or insurance company authorized to do business in this state. An original of Form OFR-559-FTS-009, incorporated by reference in Rule 69V-559.1012, F.A.C., must be submitted with the application.
443Rulemaking Authority 445559.952(11)(a) FS. 447Law Implemented 449559.952(4), 450(9), (11)(a) FS. History–New 1-18-21, Amended 2-15-23.
