Florida Senate - 2005                      COMMITTEE AMENDMENT
    Bill No. CS for CS for SB 454
                        Barcode 053034
                            CHAMBER ACTION
              Senate                               House
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11  The Committee on Transportation and Economic Development
12  Appropriations (Sebesta) recommended the following amendment:
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14         Senate Amendment (with title amendment) 
15         On page 26, between lines 10 and 11,
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17  insert:
18         Section 16.  Subsection (15) of section 320.77, Florida
19  Statutes, is amended to read:
20         320.77  License required of mobile home dealers.--
21         (15)  SURETY BOND, CASH BOND, OR IRREVOCABLE LETTER OF
22  CREDIT REQUIRED.--
23         (a)  Before any license shall be issued or renewed, the
24  applicant or licensee shall deliver to the department a good
25  and sufficient surety bond, cash bond, or irrevocable letter
26  of credit, executed by the applicant or licensee as principal
27  and by a surety company qualified to do business in the state
28  as surety. The bond or irrevocable letter of credit shall be
29  in a form to be approved by the department and shall be
30  conditioned upon the dealer's complying with the conditions of
31  any written contract made by the dealer in connection with the
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    11:15 AM   04/25/05                             s0454.ta16.b24

Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. CS for CS for SB 454 Barcode 053034 1 sale, exchange, or improvement of any mobile home and his or 2 her not violating any of the provisions of chapter 319 or this 3 chapter in the conduct of the business for which the dealer is 4 licensed. The bond or irrevocable letter of credit shall be to 5 the department and in favor of any retail customer who shall 6 suffer any loss as a result of any violation of the conditions 7 hereinabove contained in this section. The bond or irrevocable 8 letter of credit shall be for the license period, and a new 9 bond or irrevocable letter of credit or a proper continuation 10 certificate shall be delivered to the department at the 11 beginning of each license period. However, the aggregate 12 liability of the surety in any one license year shall in no 13 event exceed the sum of such bond , or, in the case of a 14 letter of credit, the aggregate liability of the issuing bank 15 shall not exceed the sum of the credit . The amount of the 16 bond required shall be as follows: 17 1. A single dealer who buys, sells, or deals in mobile 18 homes and who has four or fewer supplemental licenses shall 19 provide a surety bond, cash bond, or irrevocable letter of 20 credit executed by the dealer applicant or licensee in the 21 amount of $25,000. 22 2. A single dealer who buys, sells, or deals in mobile 23 homes and who has more than four supplemental licenses shall 24 provide a surety bond, cash bond, or irrevocable letter of 25 credit executed by the dealer applicant or licensee in the 26 amount of $50,000. 27 28 For the purposes of this paragraph, any person who buys, 29 sells, or deals in both mobile homes and recreational vehicles 30 shall provide the same surety bond required of dealers who 31 buy, sell, or deal in mobile homes only. 2 11:15 AM 04/25/05 s0454.ta16.b24
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. CS for CS for SB 454 Barcode 053034 1 (b) Surety bonds shall be executed by a surety company 2 authorized to do business in the state as surety, and 3 irrevocable letters of credit shall be issued by a bank 4 authorized to do business in the state as a bank. 5 (c) Irrevocable letters of credit shall be engaged by 6 a bank as an agreement to honor demands for payment as 7 specified in this section. 8 (d)(b) The department shall, upon denial, suspension, 9 or revocation of any license, notify the surety company of the 10 licensee, or bank issuing an irrevocable letter of credit for 11 the licensee, in writing, that the license has been denied, 12 suspended, or revoked and shall state the reason for such 13 denial, suspension, or revocation. 14 (e)(c) Any surety company which pays any claim against 15 the bond of any licensee or any bank which honors a demand for 16 payment as a condition specified in a letter of credit of a 17 licensee shall notify the department, in writing, that it has 18 paid such action has been taken a claim and shall state the 19 amount of the claim or payment. 20 (f)(d) Any surety company which cancels the bond of 21 any licensee or any bank which cancels an irrevocable letter 22 of credit shall notify the department, in writing, of such 23 cancellation, giving reason for the cancellation. 24 25 (Redesignate subsequent sections.) 26 27 28 ================ T I T L E A M E N D M E N T =============== 29 And the title is amended as follows: 30 On page 3, line 1, after the first semicolon 31 3 11:15 AM 04/25/05 s0454.ta16.b24
Florida Senate - 2005 COMMITTEE AMENDMENT Bill No. CS for CS for SB 454 Barcode 053034 1 insert: 2 amending s. 320.77, F.S.; providing that mobile 3 home dealers may provide a cash bond or letter 4 of credit in lieu of a required surety bond; 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 4 11:15 AM 04/25/05 s0454.ta16.b24