Florida Regulations 61G6-5.004: Requirement for Business Organizations
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In order that the Board may carry out its statutory duty to investigate the financial responsibility, credit, and business reputation of an applicant proposing to engage in contracting as a partnership, corporation, business trust, or other legal entity other than a sole proprietorship, an applicant shall be required to forward the following to the Department for review by the Board:
(1) A comprehensive financial statement reflecting the financial condition of the business organization in its previous fiscal year; provided, however, that the statement be prepared within 12 months of the date of filing of the application. The financial statement shall be prepared in accordance with generally accepted accounting principles. The financial statement must indicate a minimum net worth as indicated below for the following categories:
(a) Unlimited electrical and alarm contractor
$10,000
(b) Specialty Contractor
$5,000
(2) A report on the business organization from any recognized credit bureau which includes but is not limited to credit history, ability to be bonded, liens, judgments, suits, bankruptcy, and assignment of receivers obtained from county, state and federal records. The credit report must be dated within twelve (12) months of the date of filing the application.
(3) Answers to the following questionnaire on the application:
Business Organization Financial Responsibility Questionnaire – Has Any Partner, Officer, Director or Trustee of the Business Organzation Ever:
(a) Undertaken construction contracts or work that a bonding or surety company completed or made financial settlement on your behalf? ___ Yes ___ No
(b) Had claims or lawsuits filed for unpaid or pastdue accounts by your creditors? ___ Yes ___ No
(c) Undertaken construction contracts or work which resulted in liens, suits or judgments being filed against you? __ Yes __ No
(d) Had a lien of record filed against you by the U.S. Internal Revenue Service or Florida Corporate Tax Division? __ Yes _ No
(e) Made an assignment of assets in settlement of construction obligations for less than the debts outstanding? __ Yes __ No
(f) Filed for bankruptcy voluntarily or involuntarily? ___ Yes ___ No
(g) Been charged with acting as a contractor without a license? ___ Yes ___ No
(h) Been convicted, entered a plea or found guilty or entered a plea of nolo contendere (regardless of adjudication) or any crime (other than a traffic violation)? ___ Yes ___ No
(i) I WILL NOTIFY THE ELECTRICAL CONTRACTORS’ LICENSING BOARD IN WRITING, WITHIN TEN (10) DAYS, UPON ANY CHANGE OF THE ABOVE LISTED ANSWERS TO THE FINANCIAL RESPONSIBILITY QUESTIONNAIRE OF THIS APPLICATION.
SIGNATURE OF QUALIFYING AGENT:
DATE: __________________________________________
SUBSCRIBED BEFORE ME THIS ______DAY OF ___, 20___.
_________________________________ NOTARY PUBLIC
IF YOU ANSWERED YES TO ANY QUESTIONS (A-H) ABOVE, ATTACH COMPLETE EXPLANATION FOR EACH YES ANSWER.
(4) For purposes of complying with Section 489.522(2)(c), F.S., a primary qualifying agent shall have the authority for approving checks, payments, drafts and contracts and for supervising all electrical or alarm contracting undertaken by the business organization.
Rulemaking Authority 489.507(3), 489.521 FS. Law Implemented 489.515(1), 489.521, 489.522 FS. History-New 1-20-80, Amended 4-17-80, 4-30-81, 1-11-84, Formerly 21GG-5.04, Amended 2-3-86, 11-23-86, 8-27-87, 12-24-87, 11-26-90, 7-8-91, Formerly 21GG-5.004, Amended 3-20-94, 11-30-94, 5-2-96, 2-13-97, 11-23-97, 4-14-98, 4-12-04, 7-17-11, 2-8-12, 11-6-23.
Terms Used In Florida Regulations 61G6-5.004
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Trustee: A person or institution holding and administering property in trust.
(a) Unlimited electrical and alarm contractor
$10,000
(b) Specialty Contractor
$5,000
(2) A report on the business organization from any recognized credit bureau which includes but is not limited to credit history, ability to be bonded, liens, judgments, suits, bankruptcy, and assignment of receivers obtained from county, state and federal records. The credit report must be dated within twelve (12) months of the date of filing the application.
(3) Answers to the following questionnaire on the application:
Business Organization Financial Responsibility Questionnaire – Has Any Partner, Officer, Director or Trustee of the Business Organzation Ever:
(a) Undertaken construction contracts or work that a bonding or surety company completed or made financial settlement on your behalf? ___ Yes ___ No
(b) Had claims or lawsuits filed for unpaid or pastdue accounts by your creditors? ___ Yes ___ No
(c) Undertaken construction contracts or work which resulted in liens, suits or judgments being filed against you? __ Yes __ No
(d) Had a lien of record filed against you by the U.S. Internal Revenue Service or Florida Corporate Tax Division? __ Yes _ No
(e) Made an assignment of assets in settlement of construction obligations for less than the debts outstanding? __ Yes __ No
(f) Filed for bankruptcy voluntarily or involuntarily? ___ Yes ___ No
(g) Been charged with acting as a contractor without a license? ___ Yes ___ No
(h) Been convicted, entered a plea or found guilty or entered a plea of nolo contendere (regardless of adjudication) or any crime (other than a traffic violation)? ___ Yes ___ No
(i) I WILL NOTIFY THE ELECTRICAL CONTRACTORS’ LICENSING BOARD IN WRITING, WITHIN TEN (10) DAYS, UPON ANY CHANGE OF THE ABOVE LISTED ANSWERS TO THE FINANCIAL RESPONSIBILITY QUESTIONNAIRE OF THIS APPLICATION.
SIGNATURE OF QUALIFYING AGENT:
DATE: __________________________________________
SUBSCRIBED BEFORE ME THIS ______DAY OF ___, 20___.
_________________________________ NOTARY PUBLIC
IF YOU ANSWERED YES TO ANY QUESTIONS (A-H) ABOVE, ATTACH COMPLETE EXPLANATION FOR EACH YES ANSWER.
(4) For purposes of complying with Section 489.522(2)(c), F.S., a primary qualifying agent shall have the authority for approving checks, payments, drafts and contracts and for supervising all electrical or alarm contracting undertaken by the business organization.
Rulemaking Authority 489.507(3), 489.521 FS. Law Implemented 489.515(1), 489.521, 489.522 FS. History-New 1-20-80, Amended 4-17-80, 4-30-81, 1-11-84, Formerly 21GG-5.04, Amended 2-3-86, 11-23-86, 8-27-87, 12-24-87, 11-26-90, 7-8-91, Formerly 21GG-5.004, Amended 3-20-94, 11-30-94, 5-2-96, 2-13-97, 11-23-97, 4-14-98, 4-12-04, 7-17-11, 2-8-12, 11-6-23.