Section 69V-160.038 - Liquid Assets, Letter of Credit, and Surety Bond(1) A consumer finance licensee must at all times maintain liquid assets in the amount of $25,000, on deposit 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 maintained: (a) A certificate of deposit pledged to the Office in the amount of $25,000 for this location. The certificate of deposit must be deposited in a financial institution as defined in Section 655.005(1)(i), F.S. An original of Form OFR-516-03, incorporated by reference in Rule 69V-160.037, F.A.C, must be submitted to the Office.(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 655.005(1)(i), F.S.(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 aggregate 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-516-02, incorporated by reference in Rule 69V-160.037, F.A.C., must be submitted to the Office.Fla. Admin. Code Ann. R. 69V-160.038
Rulemaking Authority 516.22(1) FS. Law Implemented 516.05, 516.07 FS.
Adopted by Florida Register Volume 49, Number 020, January 31, 2023 effective 2/16/2023.