Florida Regulations 69K-7.010: Reporting Requirements for Preneed Licensees Utilizing a Surety Bond in Lieu of Maintaining a Trust Fund
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(1) A preneed licensee which chooses to utilize a surety bond in lieu of maintaining a trust must file a report of outstanding liabilities of merchandise and services to be covered under the surety bond to accompany the application as provided for in Fl. Admin. Code R. 69K-7.012 This report shall be used to determine the amount of the surety bond and shall contain the following information in sequential order:
(a) An itemized listing in numerical order of all contracts sold during or subsequent to 1972 which have an existing outstanding liability for undelivered merchandise or services;
(b) The purchaser’s name;
(c) A brief description of the merchandise for which a liability exists;
(d) The total liability to the preneed licensee for all undelivered merchandise or services which were sold during or subsequent to 1972.
(2) The report shall be filed in the following manner:
(a) The report must be signed by the preneed licensee’s chief financial officer;
(b) The report shall be compiled annually and must be submitted to the Board within one hundred five (105) days from the end of the preneed licensee’s fiscal year.
(3) The preneed licensee’s obligation to file this report with the Board shall end upon the preneed licensee ceasing the use of a surety bond.
Rulemaking Authority 497.103, 497.462 FS. Law Implemented Florida Statutes § 497.462. History-New 3-20-91, Formerly 3D-30.038, Amended 10-25-95, 5-27-98, Formerly 3F-7.010, Amended 9-9-18.
Terms Used In Florida Regulations 69K-7.010
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
(b) The purchaser’s name;
(c) A brief description of the merchandise for which a liability exists;
(d) The total liability to the preneed licensee for all undelivered merchandise or services which were sold during or subsequent to 1972.
(2) The report shall be filed in the following manner:
(a) The report must be signed by the preneed licensee’s chief financial officer;
(b) The report shall be compiled annually and must be submitted to the Board within one hundred five (105) days from the end of the preneed licensee’s fiscal year.
(3) The preneed licensee’s obligation to file this report with the Board shall end upon the preneed licensee ceasing the use of a surety bond.
Rulemaking Authority 497.103, 497.462 FS. Law Implemented Florida Statutes § 497.462. History-New 3-20-91, Formerly 3D-30.038, Amended 10-25-95, 5-27-98, Formerly 3F-7.010, Amended 9-9-18.