- (1) A consumer finance company 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:
- (2) A certificate of deposit pledged to the Office in the amount of $25,000 for the principal place of business and each branch 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.
- (3) An irrevocable letter of credit in the amount of $25,000 for the principal place of business and each branch location. The irrevocable letter of credit must be issued by a financial institution as defined in Section 655.005(1)(i), F.S.
- (4) A surety bond in the amount of at least $25,000. A consumer finance company with a licensed principal place of business must provide to the Office a rider or surety bond in an amount of at least $5,000 for each additional branch. 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.
Rulemaking Authority 516.22(1) FS. Law Implemented 516.05, 516.07 FS. History–New 2-16-23, Amended 3-11-25.