Florida Statutes 501.611 – Security
Current as of: 2023 | Check for updates
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(1) An application filed pursuant to s. 501.605 must be accompanied by:
(a) A bond executed by a corporate surety approved by the department and licensed to do business in this state;
Terms Used In Florida Statutes 501.611
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Commercial telephone seller: means a person who engages in commercial telephone solicitation on his or her own behalf or through salespersons. See Florida Statutes 501.603
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the Department of Agriculture and Consumer Services. See Florida Statutes 501.603
- Fraud: Intentional deception resulting in injury to another.
- Order: means a cease and desist order issued by the enforcing authority as set forth in…. See Florida Statutes 501.203
- Purchaser: means a person who is solicited to become or does become obligated to a commercial telephone seller. See Florida Statutes 501.603
- Violation of this part: means any violation of this act or the rules adopted under this act and may be based upon any of the following as of July 1, 2017:(a) Any rules promulgated pursuant to the Federal Trade Commission Act, 15 U. See Florida Statutes 501.203
- writing: includes handwriting, printing, typewriting, and all other methods and means of forming letters and characters upon paper, stone, wood, or other materials. See Florida Statutes 1.01
(b) An irrevocable letter of credit issued for the benefit of the applicant by a bank whose deposits are insured by an agency of the Federal Government; or(c) A certificate of deposit in a financial institution insured by an agency of the Federal Government, which may be withdrawn only on the order of the department, except that the interest may accrue to the applicant.
(2) The amount of the bond, letter of credit, or certificate of deposit must be a minimum of $50,000, and the bond, letter of credit, or certificate of deposit must be in favor of the department for the use and benefit of a purchaser who is injured by the fraud, misrepresentation, breach of contract, financial failure, or violation of this part by the applicant. The department may, at its discretion, establish a bond of a greater amount to ensure the general welfare of the public and the interests of the telemarketing industry.
(3) The bond shall be posted with the department on a form adopted by department rule and shall remain in force throughout the period of licensure with the department.
(4) The department or a governmental agency, on behalf of an injured purchaser or a purchaser herself or himself who is injured by the applicant, may bring and maintain an action to recover against the bond, letter of credit, or certificate of deposit.
(5) A purchaser may file a claim against the bond, letter of credit, or certificate of deposit. Such claim, which must be submitted in writing on an affidavit form adopted by department rule, must be submitted to the department within 120 days after an alleged injury has occurred or is discovered to have occurred or a judgment has been entered. The proceedings shall be conducted pursuant to chapter 120. For proceedings conducted pursuant to ss. 120.569 and 120.57, the department shall act only as a nominal party.
(6) Any indebtedness determined by final order of the department shall be paid by the commercial telephone seller to the department within 30 days after the order is entered for disbursement to the purchaser. If the commercial telephone seller fails to make payment within 30 days, the department shall make a demand for payment upon the surety which includes an institution issuing a letter of credit or depository on a certificate of deposit. Upon failure of a surety to comply with a demand for payment pursuant to a final order, the department may file an action in circuit court to recover payment, up to the amount of the bond or other form of security, pursuant to s. 120.69. If the department prevails, the department may recover court costs and reasonable attorney fees.