501.611 Security. - Florida Statutes

501.611 Security.

   (1) An application filed pursuant to s. 501.605 must be accompanied by:

   (a) A bond executed by a corporate surety approved by the department and licensed to do business in this state;

   (b) An irrevocable letter of credit issued for the benefit of the applicant by a bank whose deposits are insured by an agency of the Federal Government; or

   (c) A certificate of deposit in a financial institution insured by an agency of the Federal Government, which may be withdrawn only on the order of the department, except that the interest may accrue to the applicant.

   (2) The amount of the bond, letter of credit, or certificate of deposit must be a minimum of $50,000, and the bond, letter of credit, or certificate of deposit must be conditioned upon compliance by the applicant with the provisions of this part. The department may, at its discretion, establish a bond of a greater amount to ensure the general welfare of the public and the interests of the telemarketing industry.

   (3) The bond shall be posted with the department.

   (4) The department or any governmental agency, on behalf of any injured purchaser or any purchaser herself or himself who is injured by the bankruptcy of the applicant or her or his breach of any agreement entered into in her or his capacity as a licensee, may bring and maintain an action to recover against the bond, letter of credit, or certificate of deposit.

History. ss. 1, 2, ch. 91-237; s. 4, ch. 91-429; s. 637, ch. 97-103.