Section 69V-180.010 - Commercial Collection Surety Bond and Procedures(1) Any person acting as a commercial collection agency must obtain and maintain a surety bond in the amount of $50,000 issued by a surety company admitted to do business in this state. To comply with this rule the commercial collection agency shall utilize Form-OFR-COM-103, State of Florida, Office of Financial Regulation bond form, effective 5/1/04, which is hereby incorporated by reference and available from the Office of Financial Regulation, 200 East Gaines Street, Tallahassee, Florida 32399-0376, and also incorporated by reference in rule 69V-180.002, F.A.C., and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-05780. The terms of the surety bond shall be complied with. The surety bond shall be duly executed by the principal and the surety and shall not contain any blank spaces.(2)(a) In the event that the surety has received claims within a six (6) month period, whether or not reduced to judgment, which exceed the amount due by the surety on the bond, the surety may pay the amount due on the bond to the Office of Financial Regulation and shall not be further liable on the bond. At the time payment is made by the surety to the Office of Financial Regulation, the surety shall provide the Office of Financial Regulation with copies of all claims made on the bond. Only valid claims made against the bond within six (6) months after the date of receipt of the first claim against the bond shall be paid. Subsequent to the expiration of the six-month period, the Office of Financial Regulation shall notice its intent to approve or deny the claims on file with the Office of Financial Regulation. The entry of a valid final judgment against the commercial collection agency or the surety shall be conclusive evidence of a valid claim. In the event that the claimant has not reduced the claim to judgment, the claimant may provide evidence to the Office of Financial Regulation pursuant to section 120.57, F.S. Should the amount of valid claims exceed the amount on deposit with the Office of Financial Regulation, payment shall be based on the ratio that the person's claim bears to the total claims filed.(b)1. As used herein, "claim" means a written demand for payment whether by letter or legal process.2. As used herein, "valid final judgment" means a judgment from a court of competent jurisdiction where no appeal is pending and which is not subject to collateral attack.Fla. Admin. Code Ann. R. 69V-180.010
Rulemaking Authority 559.545 FS. Law Implemented 559.542, 559.544, 559.545, 559.546 FS.
New 11-3-93, Formerly 3D-180.010, Amended by Florida Register Volume 41, Number 165, August 25, 2015 effective 9/10/2015.New 11-3-93, Formerly 3D-180.010, Amended 9-10-15.