The Florida Senate

548.014  Promoters and foreign copromoters; bonds or other security.--

(1)

(a)  Before any license is issued or renewed to a foreign copromoter and before any permit is issued to a foreign copromoter, she or he must file a surety bond with the commission in such reasonable amount, but not less than $3,000, as the commission determines.

(b)  All bonds shall be upon forms approved by the Department of Legal Affairs and supplied by the commission.

(c)  The sufficiency of any surety is subject to approval of the commission and the Department of Legal Affairs.

(d)  The surety bond shall be conditioned upon the faithful performance by the promoter or foreign copromoter of her or his obligations under this chapter and upon the fulfillment of her or his contracts with any other licensees under this chapter. However, the aggregate annual liability of the surety for all obligations and fees shall not exceed the amount of the bond.

(2)  In lieu of a surety bond, the promoter or foreign copromoter may deposit with the commission cash, a certified check, or direct obligations of the United States or this state which are acceptable to the commission in an equivalent amount and subject to the same conditions as the bond. No such security may be returned to the promoter until 1 year after the date on which it was deposited with the commission unless a surety bond is substituted for it. If no claim against the deposit is outstanding, it shall be returned to the depositor 1 year from the date it was deposited.

(3)  A filing fee of $10 shall accompany each bond, cash, or security deposited under this section.

(4)  Recovery may be made against any bond, cash, or other security in the same manner as penalties are recoverable at law.

History.--ss. 2, 4, ch. 84-246; s. 4, ch. 91-429; s. 763, ch. 97-103.