Florida Regulations 67-39.010: Program Documents
Current as of: 2024 | Check for updates
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(1) All Program Documents shall be binding on all parties and shall fully describe the responsibilities of and remedies available to the signing parties. The guarantee policy or other agreement issued by the Guarantee Program shall establish the procedures to be followed by an obligee or other beneficiary of the Guarantee in the event of a default under the terms of any Qualified Obligation with respect to which a Guarantee has been issued.
(2) Separate Program Documents reflecting the terms of each Guarantee shall be prepared by the Guarantor.
Rulemaking Authority Florida Statutes § 420.507(25), 420.5092(4) FS. Law Implemented Florida Statutes § 420.5092. History-New 2-16-94, Amended 2-6-97, Formerly 9I-39.010, Amended 10-21-99, 1-8-02.
Terms Used In Florida Regulations 67-39.010
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Rulemaking Authority Florida Statutes § 420.507(25), 420.5092(4) FS. Law Implemented Florida Statutes § 420.5092. History-New 2-16-94, Amended 2-6-97, Formerly 9I-39.010, Amended 10-21-99, 1-8-02.