Florida Regulations 69V-180.010: Commercial Collection Surety Bond and Procedures
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(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 Fl. Admin. Code R. 69V-180.002, 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 Florida Statutes § 120.57 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.
Rulemaking Authority 559.545 FS. Law Implemented 559.542, 559.544, 559.545, 559.546 FS. History-New 11-3-93, Formerly 3D-180.010, Amended 9-10-15.
Terms Used In Florida Regulations 69V-180.010
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(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.
Rulemaking Authority 559.545 FS. Law Implemented 559.542, 559.544, 559.545, 559.546 FS. History-New 11-3-93, Formerly 3D-180.010, Amended 9-10-15.