1 | Representative(s) Brown offered the following: |
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3 | Amendment (with title amendment) |
4 | Between line 1909 and 1910, insert: |
5 | Section 57. Subsection (15) of section 320.77, Florida |
6 | Statutes, is amended to read: |
7 | 320.77 License required of mobile home dealers.-- |
8 | (15) SURETY BOND, CASH BOND, OR IRREVOCABLE LETTER OF |
9 | CREDIT REQUIRED.-- |
10 | (a) Before any license shall be issued or renewed, the |
11 | applicant or licensee shall deliver to the department a good and |
12 | sufficient surety bond, cash bond, or irrevocable letter of |
13 | credit, executed by the applicant or licensee as principal and |
14 | by a surety company qualified to do business in the state as |
15 | surety. The bond or irrevocable letter of credit shall be in a |
16 | form to be approved by the department and shall be conditioned |
17 | upon the dealer's complying with the conditions of any written |
18 | contract made by the dealer in connection with the sale, |
19 | exchange, or improvement of any mobile home and his or her not |
20 | violating any of the provisions of chapter 319 or this chapter |
21 | in the conduct of the business for which the dealer is licensed. |
22 | The bond or irrevocable letter of credit shall be to the |
23 | department and in favor of any retail customer who shall suffer |
24 | any loss as a result of any violation of the conditions |
25 | hereinabove contained in this section. The bond or irrevocable |
26 | letter of credit shall be for the license period, and a new bond |
27 | or irrevocable letter of credit or a proper continuation |
28 | certificate shall be delivered to the department at the |
29 | beginning of each license period. However, the aggregate |
30 | liability of the surety in any one license year shall in no |
31 | event exceed the sum of such bond, or, in the case of a letter |
32 | of credit, the aggregate liability of the issuing bank shall not |
33 | exceed the sum of the credit. The amount of the bond required |
34 | shall be as follows: |
35 | 1. A single dealer who buys, sells, or deals in mobile |
36 | homes and who has four or fewer supplemental licenses shall |
37 | provide a surety bond, cash bond, or irrevocable letter of |
38 | credit executed by the dealer applicant or licensee in the |
39 | amount of $25,000. |
40 | 2. A single dealer who buys, sells, or deals in mobile |
41 | homes and who has more than four supplemental licenses shall |
42 | provide a surety bond, cash bond, or irrevocable letter of |
43 | credit executed by the dealer applicant or licensee in the |
44 | amount of $50,000. |
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46 | For the purposes of this paragraph, any person who buys, sells, |
47 | or deals in both mobile homes and recreational vehicles shall |
48 | provide the same surety bond required of dealers who buy, sell, |
49 | or deal in mobile homes only. |
50 | (b) Surety bonds shall be executed by a surety company |
51 | authorized to do business in the state as surety, and |
52 | irrevocable letters of credit shall be issued by a bank |
53 | authorized to do business in the state as a bank. |
54 | (c) Irrevocable letters of credit shall be engaged by a |
55 | bank as an agreement to honor demands for payment as specified |
56 | in this section. |
57 | (d)(b) The department shall, upon denial, suspension, or |
58 | revocation of any license, notify the surety company of the |
59 | licensee, or bank issuing an irrevocable letter of credit for |
60 | the licensee, in writing, that the license has been denied, |
61 | suspended, or revoked and shall state the reason for such |
62 | denial, suspension, or revocation. |
63 | (e)(c) Any surety company which pays any claim against the |
64 | bond of any licensee or any bank which honors a demand for |
65 | payment as a condition specified in a letter of credit of a |
66 | licensee shall notify the department, in writing, that it has |
67 | paid such action has been taken a claim and shall state the |
68 | amount of the claim or payment. |
69 | (f)(d) Any surety company which cancels the bond of any |
70 | licensee or any bank which cancels an irrevocable letter of |
71 | credit shall notify the department, in writing, of such |
72 | cancellation, giving reason for the cancellation. |
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75 | ================ T I T L E A M E N D M E N T ============= |
76 | Remove line(s) 157 and insert: |
77 | titling fees; providing certain penalties; amending s. |
78 | 320.77, F.S.; providing that mobile home dealers may |
79 | provide a cash bond or letter of credit in lieu of a |
80 | required surety bond; amending s. |