Florida Regulations 67-39.014: Guarantee Program Payments
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Payments pursuant to or connection with any Guarantee may be made in a lump sum, or in partial payments made within such period of time as may be agreed to by the Guarantor. Such payments shall be payable solely and only from amounts held specifically for the benefit of the Guarantee Program. The Corporation shall not guarantee or issue a commitment to guarantee a Qualified Obligation if the balance of amounts held for the benefit of the Guarantee Program is less than the Guarantee Program reserve requirement.
Rulemaking Authority Florida Statutes § 420.507(25), 420.5092(4) FS. Law Implemented Florida Statutes § 420.5092. History-New 2-16-94, Amended 2-6-97, Formerly 9I-39.014, Amended 10-21-99, 1-8-02.
Rulemaking Authority Florida Statutes § 420.507(25), 420.5092(4) FS. Law Implemented Florida Statutes § 420.5092. History-New 2-16-94, Amended 2-6-97, Formerly 9I-39.014, Amended 10-21-99, 1-8-02.
Terms Used In Florida Regulations 67-39.014
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.