26333965, 69V-160.038 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 26333965

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Finance

Chapter:

FLORIDA CONSUMER FINANCE ACT

Overview

RULE:

69V-160.038	Liquid Assets, Letter of Credit, and Surety Bond
69V-160.039	Adoption of Forms

PURPOSE:

The purpose and effect is to create new rules to conform to and implement Chapter No. 2022-130, Laws of Florida, which was signed into law on May 23, 2022. The legislation permits a consumer finance company applicant/licensee 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 new rules will allow for the incorporation and adoption of forms to implement the provisions of chapter 516, F.S

SUMMARY:

The new rules will to conform to and implement Chapter No. 2022-130, Laws of Florida, by setting forth the processes and procedures related to the submission of a letter of credit, surety bond, or certificate of deposit. The new rules will allow for the incorporation and adoption of forms to implement the provisions of chapter 516, F.S.

RULEMAKING AUTHORITY:

516.03, 516.05, 516.22, 516.22(1)

LAW:

516.03, 516.05, 516.07

PRINT PUBLISH DATE:

9/30/2022 Vol. 48/191

COMMENTS:

From 9/30/2022 To 10/21/2022 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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