Florida Regulations 61G4-15.006: Financial Responsibility and Financial Stability, Grounds for Denial
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(1) The financial responsibility ground on which the Board shall refuse to qualify an applicant is failure to provide a current consumer credit report, as defined in Fl. Admin. Code R. 61G4-12.011, which consumer credit report does not disclose any unsatisfied judgments or liens against the applicant. In addition, there must not be any unsatisfied judgments or liens against the business entity which the applicant previously qualified as a primary qualifier or which the applicant has applied to qualify.
(2) The financial stability ground on which the Board shall refuse to qualify an applicant is failure to provide proof of a credit score, FICO derived, of 660 or higher. Applicants who are unable to provide a credit score, FICO derived, of 660 or higher, shall meet the financial stability requirement by completion of a 14-hour financial responsibility course approved by the Board.
(3) An applicant may meet both the financial responsibility and financial stability requirements by providing proof of a current consumer credit report, as defined in Fl. Admin. Code R. 61G4-12.011 with a credit score, FICO derived, of 660 or higher, which consumer credit report does not disclose any unsatisfied judgments or liens against the applicant. In addition, there must not be any unsatisfied judgments or liens against the business entity which the applicant previously qualified as a primary qualifier or which the applicant has applied to qualify.
Rulemaking Authority Florida Statutes § 489.115(5). Law Implemented 489.115(5) FS. History-New 1-6-80, Amended 5-4-80, Formerly 21E-15.06, 21E-15.006, Amended 10-31-96, 11-13-97, 2-12-08, 4-13-22.
Terms Used In Florida Regulations 61G4-15.006
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
(3) An applicant may meet both the financial responsibility and financial stability requirements by providing proof of a current consumer credit report, as defined in Fl. Admin. Code R. 61G4-12.011 with a credit score, FICO derived, of 660 or higher, which consumer credit report does not disclose any unsatisfied judgments or liens against the applicant. In addition, there must not be any unsatisfied judgments or liens against the business entity which the applicant previously qualified as a primary qualifier or which the applicant has applied to qualify.
Rulemaking Authority Florida Statutes § 489.115(5). Law Implemented 489.115(5) FS. History-New 1-6-80, Amended 5-4-80, Formerly 21E-15.06, 21E-15.006, Amended 10-31-96, 11-13-97, 2-12-08, 4-13-22.