Florida Regulations 61-5.004: Advancement of Funds
Current as of: 2024 | Check for updates
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(1) The Department is authorized to permit a temporary loan of funds to any Board operating at a deficit. Any request for a loan shall be made to the Director of the Division of Administration and shall state:
(a) That the Board is currently operating at a deficit; and
(b) That the Board has already assessed a one-time fee to eliminate the cash deficit or to maintain the financial integrity of the profession within the last four years.
(2) Upon verification of the information stated in the request, the Department shall loan funds sufficient to maintain a reasonable cash balance.
(3) No action taken under this section will extend beyond two years. All loans authorized under this section will be repaid by the borrowing Board within two years from the date of the loan. All loans authorized under this section will be repaid with interest calculated at the then prevailing rates paid for investments in the State Treasury to the credit of the Professional Regulation Trust Fund.
Specific Authority 455.203(5) FS. Law Implemented 455.219(1), (2) FS. History-New 8-28-95.
(b) That the Board has already assessed a one-time fee to eliminate the cash deficit or to maintain the financial integrity of the profession within the last four years.
(2) Upon verification of the information stated in the request, the Department shall loan funds sufficient to maintain a reasonable cash balance.
(3) No action taken under this section will extend beyond two years. All loans authorized under this section will be repaid by the borrowing Board within two years from the date of the loan. All loans authorized under this section will be repaid with interest calculated at the then prevailing rates paid for investments in the State Treasury to the credit of the Professional Regulation Trust Fund.
Specific Authority 455.203(5) FS. Law Implemented 455.219(1), (2) FS. History-New 8-28-95.