61G6-5.004: Requirement for Business Organizations
PURPOSE AND EFFECT: The Board proposes the rule amendment in order to eliminate irrevocable letter of credit option.
SUMMARY: The irrevocable letter of credit option will be eliminated.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared. The Board has determined that the proposed rule will not have an adverse impact on small business, nor will the proposed rule likely increase directly or indirectly regulatory costs, including transactional costs, in excess of $200,000 in the aggregate within one year or $1 million in the aggregate within 5 years after implementation of the rule. Therefore, it has been determined that the rule does not meet the threshold for ratification by the Legislature.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
RULEMAKING AUTHORITY: 489.507(3), 489.515(1), 489.521 FS.
LAW IMPLEMENTED: 489.515(1), 489.521, 489.522 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAW.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Juanita Chastain, Executive Director, Electrical Contractors’ Licensing Board, 1940 North Monroe Street, Tallahassee, Florida 32399-0750
THE FULL TEXT OF THE PROPOSED RULE IS:
61G6-5.004 Requirement for Business Organizations.
In order that the Board may carry out its statutory duty to investigate the financial responsibility, credit, and business reputation of an applicant proposing to engage in contracting as a partnership, corporation, business trust, or other legal entity other than a sole proprietorship, an applicant shall be required to forward the following to the Department for review by the Board:
(1) A statement signed and sealed by an officer of a surety company licensed to do business in Florida, certifying that the company would issue a performance or payment bond in an amount of at least $10,000.00 to an applicant for a specialty certification and in an amount of at least $25,000.00 to an applicant for unlimited electrical or alarm certification at the time of application. However, an applicant may substitute an Unexpired Irrevocable Letter of Credit from a responsible financial institution in an amount of at least $10,000.00 or $25,000.00 respectively, in lieu of this requirement.
(2) through (5) renumbered (1) through (4) No change.
Rulemaking Specific Authority 489.507(3), 489.515(1), 489.521 FS. Law Implemented 489.515(1), 489.521, 489.522 FS. History–New 1-20-80, Amended 4-17-80, 4-30-81, 1-11-84, Formerly 21GG-5.04, Amended 2-3-86, 11-23-86, 8-27-87, 12-24-87, 11-26-90, 7-8-91, Formerly 21GG-5.004, Amended 3-20-94, 11-30-94, 5-2-96, 2-13-97, 11-23-97, 4-14-98, 4-12-04,_________.