Florida Senate - 2013 COMMITTEE AMENDMENT Bill No. SB 446 Barcode 229808 LEGISLATIVE ACTION Senate . House Comm: RCS . 03/04/2013 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Commerce and Tourism (Hukill) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete lines 65 - 90 4 and insert: 5 (3)(a) In order to receive an incentive under s. 288.1088 6 or s. 288.1089, an applicant must provide the department with a 7 surety bond, issued by an insurer authorized to do business in 8 this state, for the amount of the award under the incentive 9 contract or agreement. Funds may not be paid to an applicant 10 until the department certifies compliance with this subsection. 11 1. The contract or agreement must provide that the bond 12 remain in effect until all performance conditions in the 13 contract or agreement have been satisfied. The department may 14 require the bond to cover the entire amount of the contract or 15 agreement or allow for a bond to be renewed upon the completion 16 of scheduled performance measurements specified in the contract 17 or agreement. The contract or agreement must provide that the 18 release of any funds is contingent upon receipt by the 19 department of the surety bond. 20 2. The contract or agreement must provide that up to half 21 of the premium payment on the surety bond may be paid from the 22 award amount, not to exceed 3 percent of the award. 23 3. The applicant shall notify the department at least 10 24 days before each premium payment is due. 25 4. Any notice of cancellation or nonrenewal issued by an 26 insurer must comply with the notice requirements of s. 626.9201. 27 If the applicant receives a notice of cancellation or 28 nonrenewal, the applicant must immediately notify the 29 department. 30 31 32 ================= T I T L E A M E N D M E N T ================ 33 And the title is amended as follows: 34 Delete lines 21 - 22 35 and insert: 36 upon cancellation or nonrenewal by an insurer; 37 providing that the cancellation of